OAKVILLE, ON, Oct. 31 /CNW/ - Algonquin Power Income Fund ("Algonquin
Power" or "Algonquin") of Oakville, Ontario is pleased to announce the
achievement of commercial operation ("Commercial Operation") pursuant to the
Turnkey Construction Contract ("TCC") at St. Leon Wind Energy ("St. Leon"), a
99 MW wind farm located 120 kilometres southwest of Winnipeg, in and around
the community of St. Leon, Manitoba. The TCC is the agreement between
Algonquin owned St. Leon and Vestas-Canadian Wind Technology Inc. ("Vestas"),
to provide engineering and construction services as well as turbine and
balance-of-plant equipment for the St. Leon project.
Commercial Operation as defined in the TCC occurs when a project is
"substantially complete" and ownership is formally transferred from the
contractor to the owner of the project. Commercial Operation pursuant to the
power purchase agreement with Manitoba Hydro was attained in 2006 and St. Leon
has been successfully generating renewable electricity since that time,
enjoying a substantial and proven wind resource. The declaration of Commercial
Operation pursuant to the TCC was pending the resolution of certain
outstanding construction related issues under the TCC.
The Commercial Operation date was declared, on a retroactive basis, as
September 18, 2007, marking the commencement of the five year warranty period
with Vestas. Under the warranty agreement with Vestas, the projected
availability of the project is guaranteed by Vestas and the turbine equipment
is warranted against defects.
"Algonquin Power is excited to achieve this important milestone at our
largest renewable energy project to date," stated Chris Jarratt, Executive
Director of Algonquin Power. "We are very pleased with the strength of our
relationship with Vestas and look forward to continuing success at St. Leon.
The strength of the OMS and warranty agreements provide assurance that the
Fund will generate ongoing stable and predictable cash flows from this
facility well into the future."
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of renewable power generation and sustainable
infrastructure assets across North America, including 47 hydroelectric
facilities, five natural gas-fired cogeneration facilities, one wind energy
facility, 7 alternative fuels facilities and 17 water distribution and
waste-water facilities. Algonquin Power was established in 1997 to provide
investors with sustainable, highly stable cash flows through a diversified
portfolio of renewable energy assets. Algonquin Power's units and convertible
debentures are traded on the Toronto Stock Exchange under the symbols APF.UN,
APF.DB & APF.DB.A and units are included in the S&P/TSX Composite Index.
For further information:
For further information: Ms. Kelly Castledine, Algonquin Power, 2845
Bristol Circle, Oakville, Ontario, L6H 7H7, Telephone: (905) 465-4500,