Igonquin Power inks wind power deal with Manitoba Hydro

Source: Algonquin Power & Utilities

Algonquin Power & Utilities Corp. (TSX:AQN) has executed a 25-year power purchase agreement with Manitoba Hydro in respect of a 16.5MW expansion of APUC's existing St. Leon wind energy project located in the Province of Manitoba. 

In the first full year of production following commissioning, APUC anticipates generating annual gross revenues of $3.8 million. Rates paid under the power purchase agreement are subject to a partial inflation adjustment that will be applied annually. The expansion will be comprised of 10 Vestas V82-1.65 MW wind turbines, which already have been manufactured and are awaiting shipment to the site from a U.S. storage location. Permitting for the expansion project was completed in 2010 with construction expected to commence in the third quarter of 2011; commissioning of the expansion project is expected to occur in first quarter of 2012 with total forecast capital costs of $29.5 million. 

"We are very pleased to announce this next phase in the expansion of our St. Leon Wind Energy facility and our continued involvement with the St. Leon community" commented Ian Robertson, Chief Executive Officer of APUC. "The local support in the town of St. Leon has been tremendous and we look forward to continuing the close-knit relationship we have developed since the original commissioning in 2006. We are pleased with the continuing growth of our wind energy portfolio in the Province of Manitoba and the benefits of its excellent wind regime."

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