An affiliate of Algonquin Power Co. (APCo), Algonquin Power & Utilities Corp's (APUC) (TSX: AQN) renewable power generation subsidiary, has announced the acquisition of the 109.5 MW Shady Oaks wind power station from Goldwind International for approximately US$148.9 million.
Located in Northern Illinois the facility began commercial operation in June 2012 and has entered into a 20 year inflation indexed power purchase agreement with Commonwealth Edison.
According to the announcement, the new wind power station is comprised of 68 Goldwind GW82 1.5MW and 3 Goldwind GW100 2.5MW permanent magnet direct-drive wind turbines, delivering longer equipment life and lower operating costs. Total annual energy production is estimated at 364 GW-hrs per year based on 7 years of historic wind data.
"The acquisition of the Shady Oaks wind farm provides additional geographic diversification to our renewable power portfolio and the 20 year power sales contract further strengthens the stable, long term profile of our non-regulated power business," commented Ian Robertson, Chief Executive Officer of APUC. "The acquisition of Shady Oaks provides a strong start to 2013 as we look to build on successes of last year delivering value accretive growth for our shareholders.