saskwind

21 April 2010 -- Algonquin Power & Utilities Corp. began construction of the 26.4 MW Phase I Red Lily Wind Project in southeastern Saskatchewan, Canada. The company executed a turbine supply agreement with Vestas Canadian Wind Technology Inc., received required permits and satisfied conditions for project financing.

The project is owned by Concord Pacific Group who will make an equity investment of approximately C$19 million (US$19 million)  in the project. Total capital investment is expected to be C$67.5 million. Project costs will be financed with C$31 million of senior debt provided by Integrated Private Debt Fund II LP and C$17.5 million of senior and subordinated debt provided by Algonquin Power Co.  Algonquin will provide services to and will receive fees for the development, construction, operation and supervision of the project. In addition, Algonquin was granted an option to subscribe for a 75 percent equity interest in the project in exchange for its subordinated debt commitment, exercisable five years following project commissioning.

Red Lily I, initially developed by Gaia Power Inc., will consist of 16 Vestas V82 wind turbine generators, which have been procured and are awaiting shipment from a Canadian storage location. Red Lily I enjoys an excellent wind resource with annual gross revenues of C$7.5 million expected in the first year of production and C$8 million expected in the second year. The power purchase agreement with SaskPower is for 25 years and includes a 2 percent annual increase throughout the term of the agreement. Project commissioning is expected to occur in early 2011.

Additional land rights have been secured for a second phase of the project, which would provide an additional 106 MW of generating capacity.

Read more news and features on renewable energy.

Sponsored by FLSmidth

Related Articles

Report: Wind power to create 4,200 jobs in Maine in 2015

Maine's wind power industry is poised to double its energy output over the next four years and is projected to create more than 4,000 jobs in the state this year, according to a report released Tuesday.

UMaine in business of certifying turbine blades

The University of Maine has tested its largest wind turbine blade to date.

Follow Power Engineering on Twitter

Latest News

 Electric utility Dominion flexes political muscles in Virginia

Electric utility Dominion flexes political muscles in Virginia

Virginia's 2015 legislative session was a good one for energy giant Dominion Resources Inc. (...
Callaway Energy Center's Replacement Reactor Vessel Closure Head Project

[Image Gallery] Callaway Energy Center Nuclear Power Upgrade Project

 DOE to help tribes advance onsite, renewable energy projects

DOE to help tribes advance onsite, renewable energy projects

DOE announced the third round of START Renewable Energy Project Development Assistance, which...
Report: 2014 was the best year for utility-scale solar power

Report: 2014 was the best year for utility-scale solar power

With more than 3.7 GW installed, 2014 was the best year yet for utility-scale solar power ins...
CHP: Energy Independence Offers a Competitive Edge

[Image Gallery]

Best Boiler Cleaning Practices

[Image Gallery]

 FirstEnergy Nuclear Operating Co. elects new president, CNO

FirstEnergy Nuclear Operating Co. elects new president, CNO

FirstEnergy Nuclear Operating Co. (FENOC), a subsidiary of FirstEnergy Corp. (NYSE: FE),...
 Enbridge’s Texas wind project reaches commercial operation

Enbridge’s Texas wind project reaches commercial operation

Enbridge’s 110-MW Keechi Wind Project has reached commercial operations in Jack County, Texas.

Power Engineering Current Issue

12/01/2014
Volume 118, Issue 12
1412pe-cover1

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

Western Gas Announces Acquisition and 2015 Outlook

Western Gas Announces Acquisition and 2015 Outlook

Thinnest, Rugged Laptop With 15" Display

Thinnest, Rugged Laptop With 15" Display

BioCNG, LLC Announces Expansion of St. Landry Parish Solid Waste District BioCNG(TM) System to Include Mother-Daughter Fuel Station

BioCNG, LLC Announces Expansion of St. Landry Parish Solid Waste District BioCNG(TM) Sy...

Letter From CGE Energy President Bryan Zaplitny

Letter From CGE Energy President Bryan Zaplitny

UGE International and OTEPI Renewables Selected to Supply Solar Energy Systems for Retail Chain's Portfolio of Facilities

UGE International and OTEPI Renewables Selected to Supply Solar Energy Systems for Reta...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>