Algonquin Power & Utilities Corp. (APUC) achieved commercial operation of the 200-MW Odell Wind Project located in Cottonwood, Jackson, Martin, and Watonwan Counties in Minnesota.
Odell consists of 100 Vestas V110-2.0 MW wind turbines that tap into an excellent wind resource. The project is expected to produce an average of 832 GW-hrs of electricity per year, with all energy sold under a 20-year power purchase agreement.
APUC currently holds a 50% equity interest in the project, with the other 50% held by the original developer. However, it has provided notice of intent to exercise its option to purchase the remaining 50% of the project. The company expects to acquire the remaining 50% upon receipt of regulatory approvals which is anticipated to occur in the fourth quarter of 2016.
Odell Wind qualified for the U.S. renewable energy production tax credits and tax equity investors provided an investment of approximately U.S. $180.0 million of equity financing toward project costs. The total capital cost of the facility was approximately U.S. $330 million.
“We are pleased to continue delivering on our planned growth pipeline for 2016 with the successful completion of the Odell Wind Farm,” said Chief Executive Officer Ian Robertson. “Odell’s strong wind resource in a new geographic region and its long-term power purchase agreement make it an outstanding addition to our fleet of renewable generation facilities.”
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