Algonquin Power & Utilities Corp. (APUC) says that Algonquin Power Co. (APCo), its power generation subsidiary, has entered into a share purchase agreement with EffiSolar Energy Corp. to acquire all of the issued and outstanding shares of Cornwall Solar Inc., based upon achievement of specific milestones and subject to approval by the Ontario Power Authority.
Cornwall Solar owns the rights to develop a 10 MW solar project located near Cornwall, Ontario. Furthermore, APCo has acquired an option to acquire 10 additional Ontario-based solar projects. Projects in this pipeline have submitted feed-in-tariff (FIT) applications for an additional 100 MW.
The Cornwall project, a ground-mounted PV array, has been granted an Ontario FIT contract by the Ontario Power Authority with a 20-year term and a rate of C$443/MWh, resulting in expected initial annual revenues of approximately C$6.2 million, according to APUC.