Solar and wind facilities advancing both
companies' sustainability goals
OAKVILLE, ON, May 10, 2022
/PRNewswire/ - 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:
- Algonquin: algonquinpower.com/sustainability
- Meta: sustainability.fb.com
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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SOURCE Liberty
