Algonquin Power & Utilities Corp. Executes PPA With Manitoba Hydro

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Algonquin Power & Utilities Corp. (APUC) has announced the execution of a 25-year power purchase agreement (PPA) with Manitoba Hydro for a 16.5 MW expansion of APUC's existing St. Leon wind energy project located in Manitoba.

In the first full year of production following commissioning, APUC anticipates generating annual gross revenues of C$3.8 million. Rates paid under the PPA are subject to a partial inflation adjustment that will be applied annually, according to the utility.

The expansion will comprise 10 Vestas V82-1.65 MW wind turbines, which have been manufactured and are awaiting shipment to the site from a U.S. storage location.

Permitting for the expansion project was completed in 2010, with construction expected to commence in the third quarter of this year; commissioning of the expansion project is expected to occur in first quarter of 2012, with total forecast capital costs estimated at C$29.5 million.

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