Algonquin Power closes acquisition of remaining stake in 400-MW wind portfolio


Tuesday, April 01, 2014 11:04 AM ET
Algonquin Power closes acquisition of remaining stake in 400-MW wind portfolio

By Nazia Qureshi

Algonquin Power & Utilities Corp. closed the acquisition of the remaining 40% of a 400-MW wind power portfolio from Gamesa Wind US LLC for approximately $115 million.

The wind portfolio consists of the 200-MW Minonk project in Illinois, the 150-MW Senate project in Texas and the 50-MW Sandy Ridge project in Pennsylvania. Gamesa Wind will continue to provide operations, warranty and maintenance services for the wind turbines and balance of plant facilities under 20-year contracts, according to a March 31 news release.

Substantially all of the power from the projects is sold under fixed-price contracts including long-term hedge agreements with a remaining weighted average life of 11 years; ancillary services including capacity and renewable energy credits are contracted into the energy markets in which the facilities are located.

Gamesa Wind is a subsidiary of Gamesa Corporación Tecnológica SA.

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