Samsung C&T has announced its decision to reduce its investment in renewable energy in the Canadian province of Ontario to C$5bn ($4.8bn) from the previously planned C$7bn ($6.74bn).
The company has signed an agreement with the Government of Ontario to amend the Green Energy Investment Agreement (GEIA) to this effect.
Earlier, Samsung had planned to set up C$7bn worth renewable projects generating power of 2,500MW over five phases by 2016.
The amended GEIA will see Samsung and its partners develop 1,369MW over three phases through 2016.
Samsung C&T executive vice president Ki-Jung Kim said the changing economic environment in province and the company’s initiative to include community have impacted the original timelines.
"The revised agreement allows us to deliver 1,369 MW within timelines that take into account these realities," added Kim.
Samsung has begun work on first two phases — phase 1 planned in Chatham-Kent and Haldimand County and phase 2 in Huron-Bruce and Kingston and Loyalist Township.
The company is also planning to assist all of its Ontario manufacturing partners in a bid to develop export markets beyond this project, according to the company.