in News Departments > Projects & Contracts
print the content item

Algonquin Power & Utilities Corp. (APUC) has announced that an entity owned by Algonquin Power Co. (APCo), APUC's renewable power generation subsidiary, has completed the acquisition of an interest in the Sandy Ridge wind project. The project is the first of four that make up a 480 MW portfolio of wind power facilities under construction by Gamesa Corporacion Tecnolagica SA.

Phase I of the acquisition originally contemplated obtaining interest in both the Pocahontas Prairie (80 MW) and Sandy Ridge (50 MW) facilities in Iowa and Pennsylvania, respectively. Although the interest in Sandy Ridge has now been acquired, APCo and Gamesa have agreed to defer the acquisition of any interest in Pocahontas Prairie until Gamesa satisfactorily contracts the output of the facility on terms that meet APCo's risk-return profile, according to the company.

Sandy Ridge, which achieved commercial operation in February, consists of 25 Gamesa G9X 2 MW wind turbines and has a 10-year power sales contract with J.P. Morgan Ventures Energy Corp.

Total consideration paid for the acquisition of the interest in Sandy Ridge is approximately $29.7 million. The interest in Sandy Ridge is being acquired through a partnership whose members include APCo's subsidiary (holding a 51% controlling interest) and Gamesa (holding a 49% interest).

APCo will fund its subsidiary's portion of the acquisition with approximately 40% debt and 60% equity, with the equity portion primarily funded through proceeds of $15 million from 2.614 million subscription receipts previously issued to Emera Inc.

Closing of the interest in the 200 MW Minonk and 150 MW Senate facilities in Illinois and Texas, respectively, is expected to occur following the commencement of commercial operation of these projects. This milestone is targeted for the fourth quarter.


Hse SandyHook
Latest Top Stories

DOE Report: U.S. Wind Power Prices Reach All-Time Low

According to the U.S. Department of Energy (DOE), wind power continues to play a larger role in the U.S.' energy mix and is the cheapest it has ever been in the country.


Survey Reveals What U.S. Consumers Expect From Their Utilities

GE's new survey measures Americans' views on the state and future of the grid, as well as how much extra consumers would be willing to pay for better power reliability.


How A GIS Can Help Utilities Address The Aging Workforce And Capitalize On Data

Baby Boomers, whose experience and know-how have served the utility industry so well for decades, are retiring. The author suggests utilities can use a geographic information system (GIS) to fill in resultant knowledge gaps.


Sensus Smart Meters Tied To More Overheating Incidents And Fires

SaskPower is investigating two new meter failures, and Portland General Electric is working to replace 70,000 Sensus units amid fire concerns.


SaskPower Halts Smart Meter Installations Following Fires

The Canadian utility has suspended its smart meter deployment as it investigates half a dozen fires associated with the meters.

S&C Electric_id176
edf_id180