- Press Releases
September 13 (Renewables Now) - A unit of Canadian renewable energy company Algonquin Power & Utilities Corp (TSX:AQN) has signed a power off-take deal with US investment bank JP Morgan Chase & Co (NYSE:JPM) for 70% of the output of a 108-MW wind farm in Illinois.
The power procurement will be carried out through Algonquin’s regulated utility business Liberty, the latter said last week. The contract is tied to the output of the Shady Oaks II wind park that is currently under construction in the US state's Lee County.
The deal supports JPMorgan’s 100% renewable energy commitment, with supplies under it to cover around 14% of its global power requirements.
“Not only will this collaboration help us to meet our 100% renewable energy commitment and enable the construction of a new wind farm, but it also helps stabilize the future cost of our energy consumption in the region,” said Brian DiMarino, head of operational sustainability for JPMorgan.
Once commissioned, the 22-turbine Shady Oaks II wind park is expected to generate almost 350,000 MWh of electricity annually, or enough to meet the consumption of 32,800 US homes. Its construction was initiated in May.