Wind expansion for Algonquin

Article Excerpt

ALGONQUIN POWER & UTILITIES CORP. $4.25 (Toronto symbol AQN; Shares outstanding: 93.7 million; Market cap: $398.4 million; SI Rating: Extra Risk; Dividend yield: 5.7%) has started building its 26.4-megawatt Red Lily wind farm in Saskatchewan. The company expects to start generating power from the $67.7-million project in early 2011. Algonquin has already signed an agreement with SaskPower, the province’s main electricity supplier, to buy all of Red Lily’s power for 25 years. Algonquin has also secured land beside Red Lily. That gives it the ability to expand the project to 106 megawatts if it can reach an additional power-purchase agreement with SaskPower. Algonquin Power is still a buy. buy…

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