Algonquin Power Sets Sights on Renewables Projects for 2017

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Researched by Industrial Info Resources (Sugar Land, Texas)--Renewable energy developer Algonquin Power & Utilities Corporation (TSX:AQN) (Oakville, Ontario) is planning C$540 million (US$402 million) in capital project investments this year, with two projects under construction and others under development.

Industrial Info is tracking $953 million in active solar and wind projects by Algonquin Power.

One of those now under construction is the $172 million, 75-megawatt (MW) Great Bay Photovoltaic (PV) Solar Facility, located at Princess Anne, Maryland. Construction kicked off in October last year at the 1,000-acre site, with commissioning currently expected this fall. For more information, see Industrial Info's project report.

Chief Executive Officer Ian Robertson said during Algonquin Power's fourth-quarter 2016 earnings presentation earlier this month that the company has benefited from lower solar panel prices, as Chinese manufacturers achieve greater efficiencies with volume. While most of those panels are going into Chinese projects, there is a global market benefit, he said. "Broad predictions are that you're going to see 5% to 7% [of] continued erosion in the cost of solar projects over the coming few years," he added.

Meanwhile, wind turbines are being manufactured for the Amherst Island Windfarm project in Ontario, with deliveries expected to start in early fall, Robertson said. Pennecon Heavy Civil Limited (St. John's, Newfoundland) is the engineering, procurement and construction (EPC) contractor for the $230 million, 76-MW project, which is expected to see completion by mid-2018. It will utilize 13 Siemens AG turbines.

In addition to the Amherst Island and Great Bay projects, Algonquin has more than 200 MW of contracted projects in development, Robertson said. This includes the Chaplin Windfarm and unit addition projects, with a combined value of more than $291 million.

Robertson said 2016 was a big year for the company, with the addition of 360 MW of new energy capacity, including the completion of the 200-MW Odell wind project in Minnesota. For related information, see August 30, 2016, article - Minnesota Windfarm Begins Operations.

Algonquin Power and its U.S. power and water utilities arm, the Liberty Utilities Group, reported C$130.9 million (US$ 97.3 million ) in net earnings from operations for 2016, compared with C$118.5 million (US$88.1 million) in 2015.

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