Solar and wind facilities advancing both companies' sustainability goals
OAKVILLE, ON, May 10, 2022 /CNW/ - Liberty, a part of Algonquin Power & Utilities Corp. (TSX: AQN) (NYSE: AQN) ("Algonquin"), announced today its collaboration with Meta (NASDAQ: FB) on the new 112 MW Deerfield II wind project in Michigan. This long-term power purchase agreement (PPA) for 100 percent of the energy and environmental attributes from Deerfield II, builds upon the existing renewable energy partnership the companies have at the operating Altavista solar facility in Virginia. The Deerfield II wind project is expected to contribute to Liberty's ESG goals and help Meta continue to support its operations with 100% renewable energy. The project is expected to achieve commercial operations in 2023.
Located in Huron County, Michigan, adjacent to Liberty's Deerfield I wind facility, the Deerfield II wind project represents a significant opportunity to advance the growth of Michigan's renewable electricity supply, while supporting Liberty and Meta's sustainability objectives. The project represents an investment of approximately $200 million for Liberty and is expected to:
Provide approximately $2 million per year in property tax revenue
Support local schools, roads and various care facilities
Inject capital into the community by compensating local landowners
Create 200 temporary and permanent jobs for workers
Jeff Norman, Chief Development Officer for Algonquin, commented: "Wind and solar energy investments are critical streams within our growth program, and we're very pleased to be able to expand upon our existing partnership with Meta." Mr. Norman also noted: "Our company is all about thinking globally and acting locally. Projects like Altavista solar and Deerfield II allow us to have that dual-level impact by supporting Meta's operations with 100% renewable energy while contributing to the surrounding communities."
Liberty will develop, engineer, construct, own and operate the Deerfield II wind project. Construction began in April 2022.
"Since 2020, our global operations have been supported by 100% renewable energy and, as we continue to grow, it is increasingly important that we have strong partnerships to bring new renewable energy to the grid," said Urvi Parekh, head of renewable energy at Meta. "We appreciate the work Liberty has done to help us bring these 112 MW to the grid in support of our operations."
For more information on how Liberty (Algonquin) and Meta are advancing sustainable solutions, please visit:
About Algonquin Power & Utilities Corp. and Liberty
Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with over $16 billion of total assets. Through its two business groups, the Regulated Services Group and the Renewable Energy Group, Algonquin is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. Algonquin is a global leader in renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities. Algonquin owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity.
Algonquin is committed to delivering growth and the pursuit of operational excellence in a sustainable manner through an expanding global pipeline of renewable energy and electric transmission development projects, organic growth within its rate-regulated generation, distribution, and transmission businesses, and the pursuit of accretive acquisitions and value enhancing recycling of assets.
Algonquin's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares, Series 2018-A subordinated notes, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNA, AQNB, and AQNU, respectively.
Visit AQN at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is "forward-looking" for purposes of applicable securities laws (collectively, "forward-looking statements"). The words "will", "expects" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, statements regarding expected future generation capacity, production, completion date, community benefits, job creation and tax revenue with respect to the Deerfield II wind project. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Readers are cautioned that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in Algonquin's Management Discussion & Analysis and Annual Information Form for the year ended December 31, 2021, each of which is available on SEDAR and EDGAR. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Algonquin undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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