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Algonquin Power & Utilities Corp. (APUC) has announced that a subsidiary of APUC's renewable power generation business Algonquin Power Co. (APCo) has entered into an agreement to acquire the remaining 40% of the 400MW wind power portfolio in the USA from Gamesa Wind US, LLC for total consideration of approximately US$ 117 million.
APUC currently holds a 60% controlling interest in the projects.The 400MW wind portfolio consists of three facilities, Minonk (200MW), Senate (150MW), and Sandy Ridge (50MW) located in the states of Illinois, Texas, and Pennsylvania, respectively. APUC has been the majority owner and manager of the Projects since 2012 when commercial operation was achieved, therefore no additional ongoing management or administrative costs are expected to be incurred. Gamesa will continue to provide operations, warranty and maintenance services for the wind turbines and balance of plant facilities under 20 year contracts.
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