Business
Samsung, Pattern and Capital Power Complete $850 Million Financing and Begin Construction of K2 Wind Power Project
Project being built by locals with Ontario -made products GODERICH, Ontario , Mar...
About this update from Capital Power Corporation
[{"type":"text","content":"\n\nProject being built by locals with Ontario-made products\n\n\nGODERICH, Ontario, March 24, 2014 /CNW/ - Workers are beginning to build the K2 Wind Power Project (K2 Wind), which broke ground today following the successful completion of an $850 million financing, which was secured with 15 financial institutions in the form of a construction loan that will convert to long-term operational debt. Located in Goderich, the 270 megawatt (MW) wind power project is hiring local workers and using Ontario-made products, including 140 wind turbine towers made in Windsor and blades manufactured in Tillsonburg.\nLong-time local resident Randy Maize is now part of the K2 Wind construction team, working as the Drainage Tile Superintendent for AMEC Black & McDonald. The resident of Port Albert was one of many who attended the K2 Wind job fair in February. \"I've lived in this area my entire life and I'm really happy to offer my expertise to K2 Wind,\" said Randy. \"I'll be responsible for developing proper drainage, which helps avoid flooding and means farmers can get out into their fields as soon as possible.\" \nLocal dairy farmers Jennifer and Don Miltenburg will be hosting a turbine on their farm. While acknowledging the importance of lease revenue from the project for their farming operation, she is truly inspired by the prospect of more environmentally sound power for Ontario. \"K2 Wind has bent over backwards to work closely with us and all of the landowners, both in the planning and lease agreements,\" said Jennifer. \"I am personally really proud to have a wind turbine on my land. To me it represents the direction that we all need to be heading, toward greener sources of power.\"\nAs the project gears up, workers have already rented more than two dozen apartments and homes in Goderich, and employees are helping to boost the local economy as they shop in the area. In total, more than 1,000 workers from across southwestern Ontario will be involved in the manufacturing and assembly of the wind turbines, as well as site construction and operations. \nOnce operational in the second half of 2015, K2 Wind will generate clean power for approximately 100,000 Ontario homes each year. The Project will create approximately 18 to 24 permanent full-time positions, generating about $1.5 million of employment income annually. K2 Wind is being d...