The investment will also lead to more than 16,000 new green energy jobs to build, install and operate the renewable generation projects.
The Korean consortium will also work with major partners to attract four manufacturing plants. This will lead to the creation of 1,440 manufacturing and related jobs building wind and solar technology for use in Ontario and export across North America.
The consortium fully intends to use Ontario-made steel in its renewable energy projects, such as constructing its wind turbine towers.
This is the single-largest investment in renewable energy in provincial history. The consortium chose Ontario because the province’s Green Energy Act guarantees stable rates for renewable energy.
"Thanks to today’s announcement, we will be delivering more green energy for Ontarians to use — and more green energy products for North America to buy. With this step, Ontario is becoming the place to be for green energy manufacturing in North America," said Dalton McGuinty, Premier of Ontario.
"We commend Ontario for creating a welcoming climate for green energy investment. Samsung takes pride in its global efforts to support a more sustainable future and looks forward to working with Ontario residents and businesses to create clean, green power," said Sung-Ha Chi, President and CEO, Samsung C&T Corporation.
"This is an exciting opportunity to help create new manufacturing facilities and be on the cutting edge of an emerging renewable energy supply sector in Ontario," said Chan-Ki Jung, Executive Vice-President, Korea Electric Power Corporation.
* More than 1,200 megawatts of new renewable projects, representing CAD$2.8 billion (£1.65 billion) of investment, have started up in Ontario since 2003.
* Ontario is Canada’s leading province in wind and solar power.
* The Green Energy Act will create 50,000 new jobs in the green energy sector.
* CO2 emissions from coal-fired power generation are 73 per cent lower than 2003 levels, with four more units coming offline in fall, 2010.