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

MHPS to supply M501J gas, steam turbines to new combined-cycle power plant in Korea

Mitsubishi Hitachi Power Systems (MHPS), jointly with Marubeni Corp., has received an order f...

Business leaders throw support behind coal plant proposal

Business leaders on Thursday outlined the economic devastation they say could come if New Mex...

TVA seeks public comment for future coal ash storage at Bull Run

The Tennessee Valley Authority (TVA) is asking for public input on plans to expand dry onsite...

California Public Utilities Commission Approves NRG Energy’s Carlsbad Energy Center

California Public Utilities Commission (CPUC) has approved the SDG&E Power Purchase and T...

Vermont joins international effort to fight climate change

Gov. Peter Shumlin says Vermont has signed on to what he called a first-of-its-kind agreement...

Products May 2015

Callaway Energy Center's Replacement Reactor Vessel Closure Head Project

Replacing heavy equipment is one way utilities can extend the life and increase the reliabili...

Managing CCRs and Process Water: Why Handling Bottom Ash Wet May Remain The Best Option

The U.S. coal-fired electric generation industry once again finds itself in the crosshairs of...

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

MIC President Marybeth Miceli Named to AATA Board of Directors; AATA to Provide Free NDT Job Training to Vets, Disadvantaged Young Adults

MIC President Marybeth Miceli Named to AATA Board of Directors; AATA to Provide Free ND...

Alexium Anticipates Potential Addressable Revenue of More Than US$10M for 2015

Alexium Anticipates Potential Addressable Revenue of More Than US$10M for 2015

Upcoming Greenhouse Webinar Teaches Companies How to Engage Engineers in Hiring Top Tech Talent

Upcoming Greenhouse Webinar Teaches Companies How to Engage Engineers in Hiring Top Tec...

Perma-Fix Environmental Services to Present at the Marcum MicroCap Conference

Perma-Fix Environmental Services to Present at the Marcum MicroCap Conference

Blue Earth Receives Notice From NASDAQ That the Company Is No Longer Subject to a Possible Delisting

Blue Earth Receives Notice From NASDAQ That the Company Is No Longer Subject to a Possi...

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 >>