Siemens Canada chief executive officer Roland Aurich told Bloomberg the company was looking at sites for the factory, with Ontario the most likely location.
"We aren't that far away. We're focusing on the province of Ontario, not yet decided where, but we are investigating possible sites.
"There are possibilities for a Canadian operation to also use that for export, but primarily we want to show Canada that we are a Canadian company, we manufacture things here, and we make sure the market is big enough."
Aurich said Canada's burgeoning economy and demand for renewable energy was one of the motivating factors behind the plan.
If Siemens does build a factory in Canada, it will be following in the footsteps of wind turbine manufacturers such as Samsung and Daewoo who have taken advantage of the subsidies.
Daewoo agreed to invest C$60million in the venture to establish a wind turbine tower and blade manufacturing facility at the site of a mothballed railcar plant in Trenton, Nova Scotia after the province agreed to invest C$60 million in the venture.
In January, the Ontario government signed a long-anticipated and controversial deal with a Korean consortium headed by the Samsung C&T Corporation that will invest C$7billion over six years in renewable energy development and manufacturing in the province.
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