Samsung Renewable Energy, Inc. and Connor, Clark & Lunn Infrastructure announced the formation of a partnership to provide equity funding for the 100 MW Kingston solar project in Canada, which is among the largest solar projects in North America.
The partners also announced the closing of debt financing for the project, the second large solar project financed jointly by Samsung and Connor, Clark & Lunn Infrastructure in the last year.
Samsung and Connor, Clark & Lunn Infrastructure entered a similar partnership in late 2013 to finance the 100 MW Grand Renewable Solar Project, which is currently under construction.
The project will be located in the City of Kingston and Loyalist Township. Construction is expected to begin soon, with completion anticipated by late 2015.
The project will use approximately 464,500 polycrystalline silicon PV solar modules and inverter houses manufactured in Guelph, ON and London, ON by Canadian Solar Solutions Inc. and inverters made in Toronto by SMA Canada Inc. Canadian Solar Solutions Inc. will also act as the engineering, procurement and construction (EPC) contractor for the project.
Steve Cho, Vice President, Samsung C&T, stated:
Samsung is proud to be a part of the Kingston and Loyalist community. The Kingston Solar Project will create hundreds of high-skilled jobs across Ontario and locally that will benefit real people in this community.
Matt O'Brien, President of Connor, Clark & Lunn Infrastructure, commented:
We would like to thank the City of Kingston and Loyalist Township for their strong support and we look forward to making a positive contribution to the local economy over the coming years. We would also like to express our gratitude to our co-investment partners - Régime de rentes du Mouvement Desjardins, CAAT Pension Plan and Industrial Alliance - while acknowledging the significant involvement of our development partner, CarbonFree Technology Inc. Connor, Clark & Lunn Infrastructure is very pleased to be making its second large solar investment with Samsung. The investment is an excellent addition to our growing portfolio of high-quality infrastructure assets.