Ontario renegotiates Samsung deal
Ontario's Liberal government has renegotiated its $7-billion green energy deal with Korean giant Samsung, saving taxpayers money and getting new manufacturing plants built faster.
The government says it has given Samsung a one-year extension in getting its wind and solar projects online because of problems getting approvals and agreements with local First Nations.
Instead of paying Samsung a $437-million incentive over 20 years, the province has negotiated that down to a maximum of $110 million.
At the same time, Samsung agreed to move up development of four new manufacturing plants it will build in Ontario to create components for wind and solar projects.
The Liberals predict the Samsung deal will create about 16,000 green energy jobs in Ontario, although so far only 600 full-time positions have been created.
The Progressive Conservatives have vowed to tear up the Samsung deal if they win the Oct. 6 election, saying it is driving up the price of electricity and is not creating the jobs the Liberals promised.