Algonquin Power & Utilities Corp. (APUC) said that its renewable power generation subsidiary completed the $29.7 million acquisition of a 51 percent interest in the Sandy Ridge wind project in Pennsylvania. Gamesa owns the remaining 49 percent interest.
The first phase of the acquisition originally contemplated the acquisition of an interest in both the 80 MW Pocahontas Pride in Iowa and the 50 MW Sandy Ridge. APUC and Gamesa, the owner of the wind projects, have agreed to defer purchasing any interest in the Pocahontas Pride project until Gamesa can sign a long-term power purchase agreement for the output.
Sandy Ridge entered operations in February 2012 and uses 25 Gamesa G9X-2.0 MW wind turbines. The project has a 10-year power purchase agreement with J.P. Morgan Ventures Energy Corp. Gamesa has a 20-year contract to provide operations, warranty and maintenance services for the turbines and balance of plant facilities.
The two companies are also working to acquire interests in the 200 MW Minonk wind farm in Illinois and the 150 MW Senate wind farm in Texas, also owned by Gamesa. Closing is expected to happen in late 2012.
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