Ontario Emerges as the World's Leading Destination of Choice for Renewable Energy Development and Research

Online, July 25, 2010 (Newswire.com) - (San Diego, CA) - Ontario Provincial Government's $6.7 billion green energy investment deal with Samsung and Ontario Power Authority's Feed-in Tariff (FIT) program, which offers stable prices under long-term contracts, turn Ontario into the most desirable region for green businesses to operate. To date, a total 694 Feed-in Tariff (FIT) contracts have been approved, creating 20,000 direct and indirect green jobs and attracting about $9 billion in private sector investment.

"As soon as you start talking feed-in-tariff, everybody listens," said Blair Patacairk, Senior Investment Consultant, Global Marketing, OCRI. "When it comes to clean tech-anything wind and solar related-that's absolutely the carrot."

"The companies are different suppliers and developers from all over the place," said Ben Chin, Vice President of Communications, Ontario Power Authority. "Recurrent Energy, probably the largest solar player in the US, is here. Florida Power and Light, their company Nextera was also given a contract offer."

Enacted by the Green Energy and Green Economy Act, 2009, the Ontario Power Authority's guaranteed feed-in-tariff (FIT) pricing program, which is North America's first, guarantees a stable operating future for renewable projects and the proprietary companies. FIT and the overall grid project will have a combined power-generating capacity of 2.5 GW, pushing the province closer to its goal of eliminating dirty coal-fired generation by the end of 2014.

Read the full report here.