Samsung Taps Canadian Solar For New Solar Manufacturing Facility
With 300 megawatts (MW) of solar energy already in the que, Samsung Renewable Energy announced it will be partnering with Canadian Solar (CSIQ :NASDAQ) to open a new solar manufacturing facility in London, Ontario. The plant is scheduled to begin production by the end of 2013.
The plant’s development fulfills Samsung’s part in the Green Energy Investment Agreement (GEIA) with the Government of Ontario.
Solar panels from the future plant will be used on the 100 MW Grand Renewable Energy Park in Haldimand County and the 100 MW Sol-Luce Kingston Solar PV project in Kingston and Loyalist Township. Samsung plans on initially developing 300 MW of clean energy in Ontario as part of an overall investment of $5 billion in Ontario that will develop a total of 1,369 MW of solar energy over three phases by 2016.
Recently, the GEIA was amended as Samsung and its partners had previously pledged to invest $7 billion in the development of 2,500 MW over five phases by 2016.
Despite the reduced investment, Samsung’s commitment to the manufacturing plant will allow them to move forward with engineering, procurement, and construction jobs in Ontario. Samsung believes they will ultimately create over 9,000 jobs.
For Canadian Solar, this is the fourth manufacturing partnership for the solar manufacturer in Ontario. Samsung joins previous partners Siemens in Tillsonburg, CS Wind in Windsor, and SMA in Toronto.
Not only does Canadian Solar gain a motivated partner, the new facility will be used to conduct research and product development associated with solar energy generation.
Shares of Canadian Solar were up 12.32 percent in early afternoon trading.