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

Amazon division to use power generated by big NC wind farm

A division of Amazon is buying the renewable energy generated by the South's first big wind-power project.

Company building 55-turbine wind farm in north central SD

A New York-based company that specializes in large-scale renewable energy projects says it's building a 55-turbine wind farm in north central South Dakota.

Follow Power Engineering on Twitter
Latest News
China US nuclear deal passes congressional review

US-China nuclear agreement passes congressional review

An agreement allowing American involvement in China's civilian atomic industry is set to be r...
NRC special inspection at Honeywell uranium hexafluoride leak

NRC begins special inspection at uranium enrichment facility

The U.S. Nuclear Regulatory Commission (NRC) launched a special inspection at a uranium conve...
House GOP says they have votes against Iran nuclear deal

House GOP says it has the votes to disapprove of Iran deal

House Republicans said Monday that they have the GOP votes to disapprove of the Iran nuclear ...
Winners and losers in Clean Power Plan Associated Press

Who wins and loses under Obama's stricter power plant limits

President Barack Obama is mandating even steeper greenhouse gas cuts from U.S. power plants t...
Olkiluoto 3 construction delay claims increased

Companies update claims over Finnish nuclear project delays

The Areva-Siemens consortium and Finnish utility Teollisuuden Voima Ovj (TVO) have both incre...
DOE opens funding for advanced nuclear reactor R&D

DOE opens funding for advanced nuclear R&D

The U.S. Energy Department (DOE) released a funding opportunity for research, development and...
Rosatom to build nuclear power plants in Vietnam

Rosatom plans construction of nuclear power units in Vietnam

Russia state-owned Rosatom signed a general framework agreement with Electricity of Vietnam (...
Regulators approve modified plans for Carlsband Energy Center

Regulators approve modified natural gas-fired power plant plan

The California Energy Commission (CEC) approved amendments for construction of a planned natu...
Power Engineering Current Issue
07/01/2015
Volume 119, Issue 7
1507pe_C1
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 | 2014 | 2015

Power Industry Wire News

SCI Engineered Materials, Inc. Reports Second Quarter 2015 Results

SCI Engineered Materials, Inc. Reports Second Quarter 2015 Results

National Grid US Applauds EPA's Clean Power Plan

National Grid US Applauds EPA's Clean Power Plan

Statement by California ISO President and CEO Steve Berberich

Statement by California ISO President and CEO Steve Berberich

Lubricants Market to Reach $68.54 Billion by 2022: Grand View Research, Inc.

Lubricants Market to Reach $68.54 Billion by 2022: Grand View Research, Inc.

TX Holdings Reports Third Quarter 2015 Results

TX Holdings Reports Third Quarter 2015 Results

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 >>