Algonquin Power & Utilities is purchasing the assets of two proposed adjacent 10-megawatt wind energy development projects in Saskatchewan from Kineticor Renewables.
March 22, 2011
by PLANT STAFF
OAKVILLE, Ont.: Algonquin Power & Utilities Corp. is purchasing the assets of two proposed, adjacent wind energy projects in Saskatchewan from Kineticor Renewables Inc.
Oakville, Ont.-based Algonquin Power & Utilities Corp., which owns renewable energy projects and assets throughout North America, said the 10-megawatt projects were selected by SaskPower as part of its Green Options Partners Program.
Kineticor will assign the power purchase agreements (PPAs) to Algonquin’s electric generation subsidiary Algonquin Power Co. and support the project during the development phase, which is to be completed in late 2013.
No financial details were provided.
The projects will cost $55 million to $60 million and produce 75,000 megawatt-hours of energy.
Algonquin said the first year (2014) PPA rate is set at $101.98 per megawatt-hour, with an annual escalation provision of 2% over a 20-year term.
The projects will be constructed near Morse, Sask., approximately 180 kilometres west of Regina and 400 kilometres west of the Phase I Red Lily Wind Project, on 1,120 acres of private land. Additional land will be leased or optioned to accommodate future expansion.