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Algonquin Power & Utilities Corp. announces Commercial Operation of the 200 MW Odell Wind Project
Algonquin Power & Utilities Corp. announces Commercial Operation of the 200 MW Odell W...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n\n\n\nAlgonquin Power & Utilities Corp. announces Commercial Operation of the 200 MW Odell Wind Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAlgonquin Power & Utilities Corp. announces Commercial Operation of the 200 MW Odell Wind Project\nCanada NewsWire\nOAKVILLE, ON, Aug. 9, 2016\n\n\n\nOAKVILLE, ON, Aug. 9, 2016 /CNW/ - Algonquin Power & Utilities Corp. (\"APUC\") (TSX: AQN) today announced the achievement of commercial operation of the 200 MW Odell Wind Project (\"Odell\") located in Cottonwood, Jackson, Martin, and Watonwan Counties in Minnesota under the terms of the power purchase agreement (\"PPA\") with an investment grade utility.\n\nOdell consists of 100 Vestas V110-2.0 MW wind turbine generators. The project qualified for the U.S. renewable energy production tax credits and tax equity investors provided an investment of approximately U.S. $180.0 million of equity financing toward project costs. The total capital cost of the facility was approximately U.S. $330 million.\n\nThe facility enjoys an excellent wind resource which will allow Odell to produce an average of 832 GW-hrs of electricity per year, with all energy sold under a 20 year power purchase agreement.  Algonquin holds a 50% equity interest in the project, with the other 50% held by the original developer.  APUC has provided notice of intent to exercise its option to purchase the remaining 50% of the project.  The company expects to acquire the remaining 50% upon receipt of regulatory approvals which is anticipated to occur in the fourth quarter of 2016. \n\n\"We are pleased to continue delivering on our planned growth pipeline for 2016 with the successful completion of the Odell wind farm.\" commented Chief Executive Officer Ian Robertson. \"Odell's strong wind resource in a new geographic region and its long-term power purchase agreement make it an outstanding addition to our fleet of renewable generation facilities.\"\n\nAdditional information can be found at www.AlgonquinPowerandUtilities.com under \"News and Market Information\".\n\nAbout Algonquin ...