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Samsung C&T gains speed in North American green energy business

Collected: 2017.10.14

Distributed: 2017.10.16

Source: Go Direct

[Photo by Samsung C&T Corp.]

Samsung C&T Corp. has completed construction of its Belle River Wind power facility in Canada, putting itself on a fast track to foster business activities for renewable energy in North America.

In April, the company’s American operation established a special purpose company Samsung Solar Energy and a local subsidiary for solar energy business in the United States.

According to sources on Friday, the 100 megawatt new wind power facility in Lakeshore, Ontario, Canada, is now up and running as local authorities recently okayed a commercial operation to the construction and trading arm of South Korea’s Samsung Group.

The wind power facility with 40 turbines is part of Samsung C&T’s renewable energy business in Ontario that started in 2010, when it signed a multi-party contract to build a green energy cluster of wind and solar power with a capacity of 1,369 megawatts.

Samsung C&T has so far completed 1,269-MW facilities including the latest one in Ontario. The large scale energy project will be rounded out by the North Kent Wind One Project in Windsor which is scheduled to be completed sometime in the middle of next year.

The Ontario green energy project is bringing cash to Samsung C&T. The operating profit of its trading unit more than doubled to 46 billion won ($41 million) in the second quarter of this year from 13 billion won a year ago, producing a robust performance against local peer trading companies.

Samsung C&T shares closed 2.8 percent up at 147,000 won on Friday.

By Kang Young-woon

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