Algonquin Power and Utilities Corp. has acquired a 109.5 MW contracted wind powered generating station ("Shady Oaks") from Goldwind International SO Limited ("Goldwind") for total consideration to all stakeholders of approximately US$148.9 million.

The Shady Oaks wind power facility is located in Northern Illinois, approximately 80 km 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 (BBB flat stable: Moody's, S and P).

The facility is comprised of 68 Goldwind GW82 1.5MW and 3 Goldwind GW100 2.5MW permanent magnet direct-drive wind turbines; these 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.

Through its affiliate, Goldwind has assumed all operations, maintenance, and capital repair responsibilities for the Shady Oaks wind facility pursuant to a 20 year fixed price agreement.

"The acquisition of the Shady Oaks wind farm provides additional geographic diversification to our renewable power portfolio and the 20 year power sales contract further strengthens the stable, long term profile of our non-regulated power business," commented Ian Robertson, Chief Executive Officer of APUC.

"The acquisition of Shady Oaks provides a strong start to 2013 as we look to build on successes of last year delivering value accretive growth for our shareholders."