The power project has an expected capital cost of $750m to $900m, most of which will be funded through project financing.
Formerly referred to as the Kingsbridge II wind power project, K2 will be developed in the Township of Ashfield-Colborne-Wawanosh in southwestern Ontario.
Construction on the K2 project is slated to begin in 2013, with commercial operation in 2014, and the Ontario Power Authority has signed a power purchase agreement (PPA) to buy the electricity generated by the project.
At the commencement of commercial operation, each of the three partners will have an equal economic interest in the project.
Capital Power will contribute the project lease agreements and development work completed to date to the partnership, while Samsung and Pattern will contribute the PPA and transmission access rights.
Samsung will serve as the engineering, procurement and construction contractor, and the partnership will finalize the turbine model and supplier.
The completion of K2 is subject to receipt of regulatory approvals.
