Two weeks ago, Obama proposed $25 million be spent on clean energy development over the next 5 years.
With our relative inaction to the green energy initiative, our neighbors to the north have further upped the ante by proceeding with a $3 billion green energy project.
The Canadian province of Ontario has stepped up and beat down Obama’s challenge.
Today, Canadian Energy Minister Brad Duguid announced the approval of 40 contracts in Ontario for wind, solar, and water projects, establishing Canada as a clean energy powerhouse.
The 40 contracts award $3 billion to dozens of companies from around the world that are invested in Ontario’s commitment to renewable power.
There will be 35 new wind projects, four solar installations and one hydro-electric station that will begin operating in 1-3 years. At least 240 wind turbines and one million solar panels will be developed under these ventures.
The 40 contracts will also produce 872 megawatts of electricity — enough to power to the powering of 200,000 homes.
Most importantly, the projects promise at least 7,000 jobs and upwards of $3 billion in private sector investment.
They were awarded under Ontario’s feed-in-tariff program (FIT), which launched 15 months ago.
FIT pays above-market prices under long-term contracts for electricity generated by projects using a set quota of equipment manufactured in Ontario.
Many Canadians, investors, manufacturers, and developers had lost faith in the FIT program due to the delay of action on the program’s part since its launch.
With Today’s announcement investor confidence is regained. Investors are eager to profit from the beneficial program.
The program attracts investment, create jobs, and meets Ontario’s energy needs.
Sounds like everything the U.S. needs wrapped into one energy-friendly plan.
Maybe with our neighbors knocking at clean energy’s door, we will finally start putting solar and wind and people to work in the U.S.
Until next time,
Kaitlin
