Algonquin Power to acquire 480MW wind generation projects

11 March 2012 (Last Updated March 11th, 2012 18:30)

Algonquin Power & Utilities (Algonquin) has entered into an agreement to acquire a 480MW portfolio of four wind power projects in the US from Spanish wind turbine manufacturer Gamesa for about $900m.

wind farm

Algonquin Power & Utilities (Algonquin) has entered into an agreement to acquire a 480 MW portfolio of four wind power projects in the US from Spanish wind turbine manufacturer Gamesa for about $900m.

The projects, comprised of 240 units of Gamesa G9X-2MW wind turbines, include the Pocahontas Prairie (80MW), Sandy Ridge (50MW), Senate (150MW) and the Minonk (200MW) in Iowa, Pennsylvania, Texas and Illinois respectively.

Gamesa is currently developing and constructing the projects, 80MW of which have been fully commissioned, while the rest are under various stages of construction.

Gamesa chairman and CEO Jorge Calvet said, "This transaction combines the company's three major goals - partnering with new leading customers in the North American renewable energy sector; attracting investments from tier one financial institutions who value and underwrite in technology and in the wind power market; and further achieving economic goal of maximising the value of wind farm portfolio."

Algonquin Power CEO Ian Robertson said the company is pleased to work with Gamesa and plans to leverage and maximize the strengths of both companies in the North American wind energy business.

"We believe that our Development Agreement with Gamesa will provide opportunities for Algonquin to further invest in profitable wind power generation assets and maximize returns to shareholders," said Robertson.

Gamesa will provide operations and maintenance and asset management services during 20 years for each of the wind farms.

Image : The new 480 MW wind power projects are comprised of 240 units of Gamesa G9X-2MW wind turbines; Photo: Gamesa.