Algonquin Power & Utilities Corp. (APUC) has announced the achievement of commercial operation of the 200MW Odell Wind Project located in Minnesota under the terms of the power purchase agreement (PPA) with an investment grade utility.
Odell consists of 100 Vestas V110-2.0MW wind turbines. The project qualified for the US renewable energy production tax credits and tax equity investors provided an investment of approximately US $ 180.0 million of equity financing toward project costs. The total capital cost of the facility was approximately US$ 330 million. Algonquin holds a 50% equity interest in the project, with the other 50% held by the original developer. The company expects to acquire the remaining 50% upon receipt of regulatory approvals which is anticipated to occur in the fourth quarter of 2016.
