Algonquin Power in talks to buy 109-MW wind project in US

Nov 28, 2012 - Canadian company Algonquin Power & Utilities Corp (TSE:AQN) said Tuesday it had started talks to buy a 109-MW contracted wind power facility in the US state of Illinois from Goldwind International SO Ltd.

Algonquin cautioned that there was no certainty that the talks would lead to a binding agreement.

No further details on the deal and the vendor were provided.

Algonquin has a CAD-1.9-billion (USD 1.9bn/EUR 1.5bn) portfolio of regulated and non-regulated utilities in North America. Its non-regulated electric generation business includes 23 renewable energy plants and seven thermal energy facilities totalling over 460 MW.

Earlier in November, the company completed a CAD-120-million preferred share offering to help fund its investment in the 200-MW Minonk and 150-MW Senate wind farms in the US. This month it also announced an expansion of an existing credit line of its generation unit Algonquin Power Co to CAD 200 million from CAD 155 million. Chief financial officer David Bronicheski said the additional funds would allow the unit to finance the continued expansion of its non-regulated power generation operations.

(CAD 1.0 = USD 1.005/EUR 0.778)

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