Algonquin Announces Commercial Operation of St. Damase Wind Project

Algonquin Power & Utilities today announced the achievement of commercial operation ("Commercial Operation") of the 24 MW Phase I St. Damase Wind Project ("St. Damase I") in Quebec under the terms of the power purchase agreement ("PPA") with Hydro Quebec. The project was completed on time and on budget and is now successfully generating renewable power.

St. Damase I consists of 10 Enercon E-92, 2.35 MW wind turbine generators. The total capital cost of the facility was approximately $49 million, net of the Canadian Renewable and Conservation Expense tax incentive that was used to partially fund the project. The project site enjoys an excellent wind resource which will allow St. Damase I to produce an average of 76.9 GW-hrs of electricity per year. Under the 20 year power purchase agreement with Hydro Quebec, St. Damase I is expected to generate 2015 revenues of approximately $7.4 million.

"We are pleased to continue our contribution to the renewable energy business in Canada, and to successfully invest along with our community partners in Quebec," commented Ian Robertson, Chief Executive Officer of APUC. "The successful completion of St. Damase I marks our first wind project in Quebec which, together with the expected Q1 2015 completion of the 24 MW Morse, SK wind project and 20 MW Bakersfield, CA solar project, reinforces our strategic focus on growing our generation business through the development of green-field renewable power projects."

The St. Damase I wind turbines will allow APUC to evaluate the wind resource at the project site for future opportunities.