Dive Summary:
- Algonquin Power Co. (APC), the renewable power subsidiary of Algonquin Power & Utilities Corp., has acquired a 60 percent interest in both the 200-megawatt Minonk WInd Project in Illinois and the 150-megawatt Senate Wind Project in Texas.
- The two projects were acquired from Gamesa Corporacion Tecnologica, S.A; the closing of the sale also means that APC has increased its interest in the Pennsylvania-based Sandy Ridge Wind Project to 60 percent from 58.75 percent.
- The total expected energy production of Minonk is 673.7 gigawatt-hours per year, while the Senate project is expected to be about 520.4 gigawatt-hours each year.
From the article:
Total consideration paid by APCo for the acquisition of its interest in Minonk and Senate, and the increased interest in Sandy Ridge is approximately US$238 million. Minonk, Senate and Sandy Ridge are owned through a partnership whose members include APCo (holding a 60% controlling interest), Gamesa (holding a 40% interest) and certain tax equity investors. APCo will fund its interest in Senate and Minonk, and increased interest in Sandy Ridge using approximately $123 million in proceeds from the recent $150 million senior unsecured private placement bond offering that closed on December 3, 2012, together with proceeds of $45 million from 7.84 million subscription receipts previously issued to Emera Inc., and $70 million of the proceeds received from the recent preferred share offering that closed on November 9, 2012. ...
