Samsung, Connor Clark & Lunn and Six Nations announce financing for largest solar project in Canada

GRAND RENEWABLE SOLAR PROJECT TO CREATE HUNDREDS OF LOCAL JOBS IN THE COMMUNTY

TORONTO, Oct. 15, 2013 /CNW/ - Samsung Renewable Energy, Inc. (Samsung) today announced the formation of a partnership with Connor Clark & Lunn Infrastructure and Six Nations of the Grand River to provide equity funding for the 100 megawatt (MW) Grand Renewable Solar Project (GRS), the largest of its kind in Canada and one of the largest in North America.  The partners concurrently announced the closing of a debt financing for the project.  Located in Haldimand County, Ontario, the GRS project will incorporate solar panels manufactured in London, Ontario by Canadian Solar and inverters made in Toronto, Ontario by SMA that will produce enough clean energy to meet the needs of over 17,000 households.

Hundreds of people from across Ontario will be employed in every aspect of the GRS project - from manufacturing and assembly of the solar panels and inverters, to site construction, installation, and project operations. An average of 110 workers and a peak of 200 will be on site during construction, including local subcontractors that will be utilized for various aspects of the project. Construction is expected to begin soon and is expected to be completed by the middle of 2015.

"Samsung is thankful to become part of this supportive community in Haldimand and proud of this historic partnership with Six Nations," said Mr. K.J. Kim, Executive Vice President, Samsung C&T. "The Grand Renewable Solar Project will create hundreds of high-skilled jobs that will benefit real people in this community."

"As an Ontario-based firm, Connor Clark & Lunn Infrastructure is very pleased to be making an investment in this ground-breaking project, one of several renewable energy projects in which we have invested through our growing infrastructure business" said Matt O'Brien, president of Connor Clark & Lunn Infrastructure.  Mr. O'Brien added: "It is an honor to have Six Nations as a partner and we would like to thank the community of Haldimand for their strong support. We would also like to express our gratitude to our development partners, CarbonFree Technology and S2e Technologies, for their significant contributions to the project."

The Grand Renewable Solar project will assist Ontario in reducing its dependence on coal production. Compared to coal-fired generation, each year the GRS project will offset approximately 162,000 tonnes of CO2, the equivalent of taking 29,610 cars off the roads. The solar power generated at GRS will be sold to the Ontario Power Authority under a power purchase agreement.

About Samsung Renewable Energy, Inc.

Samsung Renewable Energy is creating clean, renewable energy for generations to come. Together with our partners, Samsung is making a $5-billion investment in Ontario to create the world's largest cluster of wind and solar power. Our investments will create 900 direct renewable energy manufacturing jobs and 9,000 high-skilled jobs in Ontario. Built on Samsung C&T's commercial and technical expertise and the success of its renewable energy projects in several countries - including the United States and Europe - Samsung is creating real jobs, through real investment, benefitting real people. For more information, please visit www.samsungrenewableenergy.ca.

About Connor, Clark & Lunn Infrastructure

Connor, Clark & Lunn Infrastructure invests in middle-market infrastructure and infrastructure-like assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flow. Connor Clark & Lunn Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over $46 billion in assets. For more information, please visit www.cclgroup.com.

SOURCE: Connor, Clark & Lunn Infrastructure

Contact:

Tim Smitheman
Manager - Government and Public Relations
Samsung Renewable Energy, Inc.
[phone]
[email protected] 

Greig McKenzie
Head of Marketing
Connor, Clark & Lunn Financial Group Ltd.
[phone]
[email protected]