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

S. Africa court dismisses Westinghouse nuclear generator replacement dispute

A South African court dismissed a filing from Westinghouse Electric Co. asking to reopen bidd...

IAEA urges India to tighten nuclear safety regulations

The International Atomic Energy Agency (IAEA) is pressing India to tighten its nuclear safety...

Caterpillar's C280 Genset enters China offshore market

Caterpillar Oil & Gas will supply six of its Cat C280-16 offshore generator sets (gensets...

Justices divided over EPA mercury limits

The Supreme Court's conservative justices cast doubt on the Obama administration's first-ever...

Report: Global wind power installations increased by 42% in 2014

Global wind power installations grew 42 percent year-over-year, according to a new report con...

Low carbon standard passes Ill. Senate committee

An Illinois Senate committee passed a bill that would establish a low carbon standard that wo...

Russia to build two nuclear power reactors in Jordan for $10bn

Russia signed a $10 billion deal to build Jordan’s first nuclear power plant.

Iowa top officials on opposites sides in EPA lawsuit

Iowa's governor and attorney general were on opposite sides of a case argued Wednesday at the...

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

Earthstone Energy, Inc. Reports Fourth Quarter and Full Year 2014 Results

Earthstone Energy, Inc. Reports Fourth Quarter and Full Year 2014 Results

Chicago's Lakeshore Recycling Systems Helps Change a Life on March 27 Airing of the Steve Harvey Show

Chicago's Lakeshore Recycling Systems Helps Change a Life on March 27 Airing of the Ste...

East West Petroleum Corp.'s CEO David Sidoo Interviewed by The Energy Report

East West Petroleum Corp.'s CEO David Sidoo Interviewed by The Energy Report

Perma-Fix Schedules Fourth Quarter 2014 Earnings Conference Call

Perma-Fix Schedules Fourth Quarter 2014 Earnings Conference Call

Murray Energy's Controlling Interest of Foresight Creates U.S. Coal Mining Giant, an Industrial Info News Alert

Murray Energy's Controlling Interest of Foresight Creates U.S. Coal Mining Giant, an In...

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 >>