Wednesday, February 29, 2012

SaskPower 175 MW wind RFP successful proponent announced: Algonquin Power & Utilities Corp.

Algonquin Power & Utilities Corp. ("APUC") announceed that Algonquin Power Co. ("APCo"), APUC's power generation subsidiary, was the successful proponent under Saskatchewan Power Corporation's ("SaskPower") Request for Proposal ("RFP") CO/690.

APCo's 177 megawatt Chaplin Wind Project (the "Project") will be located in the Rural Municipality of Chaplin, Saskatchewan, 200 km south-west of Regina, Saskatchewan, with construction completion targeted for December 2016. The Project will be constructed at an estimated capital cost of $355 million CAD and consist of approximately 77 multi-megawatt wind turbines. The Project is in the same area as the existing 152 MW SaskPower Centennial Wind Farm.

The Project enjoys an excellent wind resource, consistent with APCo's existing wind power projects in the province of Saskatchewan, and will satisfy the energy needs of approximately 70,000 homes. The Project is expected to generate first full year EBITDA of $37.5 million CAD. All energy will be sold under a 25 year Power Purchase Agreement ("PPA") between SaskPower and APCo's wholly owned subsidiary Windlectric Inc. The PPA has an annual commercial power purchase rate escalation of 0.6% of the tariff in the preceding year. The Project was jointly originated in 2009 by APCo and Gaia Power Inc.

"Achieving this award in the SaskPower RFP process is both exciting and significant to the size and long term contracted nature of APCo's renewable energy portfolio", commented Ian Robertson, Chief Executive Officer of APUC. "We are very pleased with the continuing growth of our wind energy portfolio in the Province of Saskatchewan and the benefits of its excellent wind regime."

SaskPower has yet to issue a formal Press Release.

In March 2011 Algonquin purchased two proposed wind energy development projects near Morse, Saskatchewan each with a capacity of 10 MW from Kineticor Renewables Inc. The total estimated capital cost of both projects is $55 to $60 million CAD. The development phase is expected to be completed in late 2013. The projects are to be constructed about 180 km south-west of Regina, near Morse. Morse is about 25 km from Algonquin's new Chaplin Project.

Algonquin also owns the 26 MW Red Lily Project near Moosomin, Saskatchewan which was commissioned in February 2011.

Source: (in part) Algonquin Power & Utilities Corp. Press Release - 02/28/2012 16:10

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