Algonquin Power & Utilities Corp. Acquires 109.5 MW Shady Oaks Wind Power Facility from Goldwind
Sale of Largest Project in the Americas to Leading Western Buyer Signals Further Market Acceptance of Goldwind’s Technology in the West
Chicago, IL, January 1, 2013: Goldwind Science & Technology Co., Ltd. (Goldwind) today announced that an affiliate of Algonquin Power Co. (“APCo”), Algonquin Power & Utilities Corp.’s non-regulated power generation subsidiary, has acquired Goldwind’s 109.5 MW “Shady Oaks” project located in Illinois. As part of the deal, Algonquin will pay the purchase price of $148.9Million including assumption of long-term debt. The Goldwind USA group also received the $56Million cash grant facility which was used to pay local contractors for the US-sourced towers & blades utilized on the project, as well as ancillary local services and BOP contract work. Goldwind will offer a 20 year operations, service, and maintenance package which includes a 10 year full-scope warranty.
The Shady Oaks wind power facility is located in Northern Illinois, approximately 50 miles west of Chicago, Illinois and reached commercial operation in June 2012. Total annual energy production is expected to be 364 GW-hrs per year. The Shady Oaks wind facility has entered into a 20-year inflation indexed power purchase agreement with the largest electric utility in the state of Illinois, Commonwealth Edison. The facility is comprised of 68 Goldwind GW82 1.5MW and three Goldwind GW100 2.5MW permanent magnet direct-drive (PMDD) wind turbines. Goldwind’s PMDD turbines are well suited for the wind regime, and offer significant technological advantages providing proven reliability, enhanced energy production efficiency and lower long-term maintenance costs
According to Tim Rosenzweig, Goldwind’s CEO for the Americas, the sale of the company’s largest asset in the United States further signals market acceptance of Goldwind’s PMDD technology. “The sale of Shady Oaks marks a significant milestone for our growth in the Americas and demonstrates our ability to compete in a ferociously competitive wind market,” said Rosenzweig. “Our customers choose Goldwind turbines because they are among the most advanced and cost efficient turbines available and this deal affirms that Goldwind will continue to make significant strides in the Americas in 2013 and beyond.”
Xinjiang Goldwind Science & Technology Co., Ltd. (Goldwind) is the largest manufacturer of wind turbines in China, and among largest globally. With strong R&D capabilities, the company is the world’s largest manufacturer of Permanent Magnet Direct-Drive (PMDD) wind turbines, representing the industry’s next generation technology. Goldwind is listed on both the Shenzhen Stock Exchange (Stock Code: 002202) and the Hong Kong Stock Exchange (Stock Code: 2208).
For more information please contact:
Colin Mahoney, Goldwind USA