Algonquin Power acquires 109.5MW Shady Oaks wind power station in US for $148.9m

Algonquin Power has acquired the 109.5MW Shady Oaks contracted wind power generating station for a total consideration of $148.9m from China-based developer Goldwind International.

Algonquin is a non-regulated power generation subsidiary of Canada-based Algonquin Power & Utilities Corporation (APUC).

The Shady Oaks wind power facility is situated in Northern Illinois, nearly 80km from Chicago and is projected to produce 364 GWh of energy per annum.

Commercial operation at Shady Oaks was initiated in June 2012 and Goldwind had signed an agreement to operate, maintain and undertake repair services at wind facility for the next 20 years.

Illinois electric utility Commonwealth Edison will purchase the electricity produced at the facility under a 20 year power purchase agreement.

Algonquin Power & Utilities CEO Ian Robertson remarked that the acquisition geographically diversifies the company’s renewable power portfolio, while the 20 year power sales contract reinforces the confidence in its power business.

"The acquisition of Shady Oaks provides a strong start to 2013 as we look to build on successes of last year delivering value accretive growth for our shareholders," Robertson added.

The facility comprises 68 Goldwind GW82 1.5MW and 3 Goldwind GW100 2.5MW permanent magnet direct-drive wind turbines.

These turbines were designed to offer reliability, enhanced energy production efficiency and lower long term maintenance costs.