Algonquin Power & Utilities Corp. (TSX: AQN) said in a May 7 quarterly earnings report that on April 14, its Generation Group completed construction of the 20-MW Bakersfield I Solar Project in Kern County, California.
This project is expected to generate 53.3 GW-hrs of energy per year, which is being sold under a 20-year Power Purchase Agreement to a large investment grade electric utility. The Generation Group is currently developing the 10-MW Bakersfield II Solar Generation Project immediately adjacent to the Bakersfield I project, which is estimated to be operational in the first half of 2016.
On April 22, the Generation Group completed construction of the 23-MW Morse Wind Project in Saskatchewan. The facility is expected to generate 104 GW-hrs of electricity annually with the power sold under a 20-year Power Purchase Agreement with SaskPower.
“Algonquin Power & Utilities continued this quarter to deliver on its commitment to grow earnings and cash flow with the addition of 43 MW of new solar and wind generation in our Generation Business Group and with an additional 8,000 connections in our Distribution Business Group compared to this time last year,” said Ian Robertson, Chief Executive Officer of APUC. “We look forward to the continued advancement of our contracted power development projects and growth in our utilities business throughout the rest of 2015.”
Algonquin Power & Utilities is a North American diversified generation, transmission and distribution utility. The Distribution Group operates in the United States and provides rate regulated water, electricity and natural gas utility services to over 489,000 customers. The non-regulated Generation Group owns or has interests in a portfolio of North American-based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,050 MW of installed capacity. The Transmission Group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada.