in News Departments > Projects & Contracts
print the content item

Algonquin Power & Utilities Corp. says its subsidiary Algonquin Power Co. (APCo) has completed the acquisition of an interest in the 50 MW Sandy Ridge wind farm, the first of four projects comprising a 480 MW portfolio of wind power facilities under construction by Gamesa, the company says.

Sandy Ridge, which achieved commercial operation in February, is composed of 25 Gamesa G9X-2.0 MW wind turbines and has a 10-year power sales contract with J.P. Morgan Ventures Energy Corp. Sandy Ridge has entered into a 20-year contract with Gamesa to provide operations, warranty and maintenance services for the wind turbines and balance-of-plant facilities.

Total consideration paid for the acquisition of the interest in Sandy Ridge is approximately $29.7 million.

The company says that phase I of the acquisition originally included an interest in both the 80 MW Pocahontas Prairie and Sandy Ridge wind farms. However, APCo and Gamesa say they jointly agreed to defer the interest in Pocahontas Prairie until Gamesa finds a buyer for the wind farm's output on terms that meet APCo's risk-return profile.

The other wind farms included in the agreement are the 200 MW Minonk wind farm, located in Illinois, and the 150 MW Senate wind farm, located in Texas. APCo's investment is expected to occur following the commercial operation of each wind farm, which is expected in the fourth quarter of this year.

In the event the Pocahontas Prairie facility remains un-contracted, APCo says its subsidiary would not acquire an interest in Pocahontas Prairie but would instead expect to increase its ownership interest in the Sandy Ridge, Minonk and Senate wind farms to maintain an overall investment of approximately $270 million.


Trachte Inc._id1770
Latest Top Stories

Wind And Solar Helped California Grid During Challenging Summer

According to the California Independent System Operator, the state suffered from heat waves and drought this year, and wind power played a "significant role" in keeping the lights on.


Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.

BG 2015DblBox_id2032
Canwea_id1984
Renewable NRG_id1934
Hybrid Energy Innovations 2015