Algonquin Power & Utilities Corp. (APUC) has announced the commercial operations of the 200 MW Odell wind farm, located in Cottonwood, Jackson, Martin and Watonwan counties in Minnesota.
Odell, comprising 100 Vestas V110-2.0 MW wind turbines, will produce an average of 832 GWh/year; energy will be sold under a 20-year power purchase agreement with an investment-grade utility.
APUC says the project qualified for production tax credits, and tax equity investors provided approximately $180.0 million of equity financing. The total capital cost of the facility was approximately $330 million.
APUC holds a 50% equity interest in the project; the other 50% is held by the original developer. APUC says it has provided a notice of intent to exercise its option to purchase the remaining 50%, which the company expects to acquire upon receipt of regulatory approvals in the fourth quarter of this year.
“We are pleased to continue delivering on our planned growth pipeline for 2016 with the successful completion of the Odell wind farm,” says Ian Robertson, CEO of APUC. “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.”