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Released December 15, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Algonquin Power & Utilities Corporation (NYSE:AQN) (Oakville, Ontario), an energy generation, transmission and distribution utility serving the U.S. and Canada, is planning a capital expenditure (capex) budget of $12.4 billion for 2022 through 2026. Much of the investment is going toward renewable-energy development; Algonquin's greenfield development pipeline includes more than 3,800 megawatts (MW) of wind and solar opportunities and about 1,700 megawatt-hours (MWh) of battery-storage opportunities. Industrial Info is tracking about $2.5 billion worth of active projects from Algonquin.
Click on the image at right for a graph detailing Algonquin's active projects, by project type.
The new capex budget represents a net $3 billion increase from Algonquin's previous $9.4 billion plan for 2021 through 2025. Algonquin has advanced more than 600 MW from its prospective greenfield pipeline into its new five-year capital plan, including several renewable-energy projects across the northern and eastern U.S.
Algonquin is at work on the two-phase New Market Solar Plant in Hillsboro, Ohio, which includes the $60 million Phase I, which is designed to generate 35 MW from 98,000 photovoltaic (PV) modules provided by JA Solar Holdings (Beijing, China), and the $45 million Phase II, which would add 30 MW worth of PV modules. Algonquin also is proposing the $240 million Carvers Creek Solar Plant in Gloucester, Virginia, which would generate 150 MW from PV modules provided by NEXTracker, a subsidiary of Flextronics International Limited (Singapore). Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed project reports on New Market Phase I and Phase II, and Carvers Creek.
Algonquin subsidiary Liberty Power is preparing to begin construction in the spring of 2022 on its $135 million Deerfield Wind Energy expansion project in Kinde, Michigan, which is on the southern edge of Detroit. The project would add 112 MW to the existing 150-MW facility, through the addition of 21 turbines provided by Vestas Wind Systems A/S (Aarhus, Denmark). In November, Liberty Power awarded the engineering, procurement and construction (EPC) contract for the project to White Construction, a subsidiary of Infrastructure and Energy Alternatives (NASDAQ:IEA) (Indianapolis, Indiana). Subscribers can learn more from Industrial Info's project report.
In Canada, Liberty Power began construction in October on the $250 million Blue Hills Windfarm near Herbert, Saskatchewan, which is designed to generate 177 MW from 77 turbines provided by Siemens Gamesa Renewable Energy (Zamudio, Spain). Borea Construction, a subsidiary of Pomerleau Incorporated (Saint-Georges, Quebec), is providing turn-key services for the project, which is currently set to be completed in the spring of 2023. Subscribers can learn more from Industrial Info's project report.
Among Algonquin's most notable achievements in 2021 is its purchase of Kentucky Power and AEP Kentucky Transco from American Electric Power (AEP) (NASDAQ:AEP) (Columbus, Ohio) for about $2.85 billion. The agreement, announced in October, gives Kentucky Power--a state-regulated electricity generation, distribution and transmission utility--the opportunity to decarbonize much of its holdings. Arun Banskota, the chief executive officer of Algonquin, said the acquisition provides "an opportunity to replace over 1 gigawatt of rate-based fossil-fuel generation with renewable energy, and add long lived, regulated assets to its portfolio."
Kentucky Power already is winding down activity at some of its coal-fired plants, including the 1,632-MW Mitchell Power Station in Moundsville, West Virginia, which is closing its ash landfill and ash pond, and installing a dry-bottom ash-handling system. Similarly, the H.L. Spurlock Power Station in Maysville, Kentucky, is in the process of closing its ash pond. Kentucky Power is seeking regulatory approval to transfer operational control of the Mitchell Plant to AEP's Wheeling Power, so Kentucky Power can exit the plant in 2028. Subscribers can read detailed project reports on the Mitchell ash landfill, ash pond and ash-handling system, and the H.L. Spurlock ash pond.
Algonquin said about 70%, or $8.8 billion, of the $12.4 billion capex plan spanning 2022 through 2026 is slated for its Regulated Services Group, while about 30%, or $3.6 billion, is to be invested in its Renewable Energy Group. The Regulated Services Group covers rate-regulated electric, natural gas, water and wastewater collection utility systems and transmission operations, while the Renewable Energy Group covers non-regulated renewable and clean power generation assets.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Click on the image at right for a graph detailing Algonquin's active projects, by project type.The new capex budget represents a net $3 billion increase from Algonquin's previous $9.4 billion plan for 2021 through 2025. Algonquin has advanced more than 600 MW from its prospective greenfield pipeline into its new five-year capital plan, including several renewable-energy projects across the northern and eastern U.S.
Algonquin is at work on the two-phase New Market Solar Plant in Hillsboro, Ohio, which includes the $60 million Phase I, which is designed to generate 35 MW from 98,000 photovoltaic (PV) modules provided by JA Solar Holdings (Beijing, China), and the $45 million Phase II, which would add 30 MW worth of PV modules. Algonquin also is proposing the $240 million Carvers Creek Solar Plant in Gloucester, Virginia, which would generate 150 MW from PV modules provided by NEXTracker, a subsidiary of Flextronics International Limited (Singapore). Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed project reports on New Market Phase I and Phase II, and Carvers Creek.
Algonquin subsidiary Liberty Power is preparing to begin construction in the spring of 2022 on its $135 million Deerfield Wind Energy expansion project in Kinde, Michigan, which is on the southern edge of Detroit. The project would add 112 MW to the existing 150-MW facility, through the addition of 21 turbines provided by Vestas Wind Systems A/S (Aarhus, Denmark). In November, Liberty Power awarded the engineering, procurement and construction (EPC) contract for the project to White Construction, a subsidiary of Infrastructure and Energy Alternatives (NASDAQ:IEA) (Indianapolis, Indiana). Subscribers can learn more from Industrial Info's project report.
In Canada, Liberty Power began construction in October on the $250 million Blue Hills Windfarm near Herbert, Saskatchewan, which is designed to generate 177 MW from 77 turbines provided by Siemens Gamesa Renewable Energy (Zamudio, Spain). Borea Construction, a subsidiary of Pomerleau Incorporated (Saint-Georges, Quebec), is providing turn-key services for the project, which is currently set to be completed in the spring of 2023. Subscribers can learn more from Industrial Info's project report.
Among Algonquin's most notable achievements in 2021 is its purchase of Kentucky Power and AEP Kentucky Transco from American Electric Power (AEP) (NASDAQ:AEP) (Columbus, Ohio) for about $2.85 billion. The agreement, announced in October, gives Kentucky Power--a state-regulated electricity generation, distribution and transmission utility--the opportunity to decarbonize much of its holdings. Arun Banskota, the chief executive officer of Algonquin, said the acquisition provides "an opportunity to replace over 1 gigawatt of rate-based fossil-fuel generation with renewable energy, and add long lived, regulated assets to its portfolio."
Kentucky Power already is winding down activity at some of its coal-fired plants, including the 1,632-MW Mitchell Power Station in Moundsville, West Virginia, which is closing its ash landfill and ash pond, and installing a dry-bottom ash-handling system. Similarly, the H.L. Spurlock Power Station in Maysville, Kentucky, is in the process of closing its ash pond. Kentucky Power is seeking regulatory approval to transfer operational control of the Mitchell Plant to AEP's Wheeling Power, so Kentucky Power can exit the plant in 2028. Subscribers can read detailed project reports on the Mitchell ash landfill, ash pond and ash-handling system, and the H.L. Spurlock ash pond.
Algonquin said about 70%, or $8.8 billion, of the $12.4 billion capex plan spanning 2022 through 2026 is slated for its Regulated Services Group, while about 30%, or $3.6 billion, is to be invested in its Renewable Energy Group. The Regulated Services Group covers rate-regulated electric, natural gas, water and wastewater collection utility systems and transmission operations, while the Renewable Energy Group covers non-regulated renewable and clean power generation assets.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
