Algonquin Power & Utilities acquires 109.5MW wind power facility from Goldwind International
Canada-based Algonquin Power & Utilities (APUC) has acquired a 109.5MW Shady Oaks contracted wind powered generating facility from Goldwind International for approximately $148.9m.
The transaction was executed through APUC's non-regulated power generation subsidiary Algonquin Power.
APUC CEO Ian Robertson remarked that the acquisition provides a strong start for the company in 2013 and will help deliver a better growth to its shareholders.
"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 Robertson.
The Shady Oaks wind power facility is located in Northern Illinois, 80kms west of Chicago and is expected to produce 364GWh of energy per annum.
Beginning commercial operations in June 2012, the facility is under a 20-year power purchase agreement with local electrical utility Commonwealth Edison.