Liberty and Meta Announce Expansion of Renewable Energy Partnership to Include Michigan’s 112 MW Deerfield II Wind Project
Solar and wind installations advance both companies’ sustainability goals
OAKVILLE, ON, May 10, 2022 /PRNewswire/ – Freedoma subsidiary of Algonquin Power & Utilities Corp. (TSX: AQN) (NYSE: AQN) (“Algonquin”), today announced 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% of Deerfield II’s energy and environmental attributes, builds on the existing renewable energy partnership the companies have operating Altavista solar installation at Virginia. The Deerfield II wind project should contribute to freedom ESG goals and help Meta continue to support its operations with 100% renewable energy. The project should be operational in 2023.
Situated in Huron County, Michiganadjacent to freedom Deerfield I wind farm, the Deerfield II wind project represents a significant opportunity to advance the growth of from michigan supply of renewable electricity, while supporting Freedom and Meta’s sustainability goals. The project represents an investment of approximately $200 million for Freedom and should:
- Provide about $2 million per year in land 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, Algonquin’s Chief Development Officer, said, “Investments in wind and solar power are critical components of our growth program, and we are very pleased to be able to expand our existing partnership with Meta. Mr. Norman also noted, “Our company aims to think globally and act locally. projects like Altavista solar and Deerfield II allow us to have this impact on two levels by supporting Meta’s operations with 100% renewable energy while contributing to surrounding communities. »
Freedom will develop, design, build, own and operate the Deerfield II wind project. Construction began in April 2022.
“Since 2020, our global operations have been underpinned 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 declared Urvi Parek, Head of Renewable Energies at Meta. “We appreciate the work Freedom did to help us bring that 112 MW onto the grid to support our operations. »
For more information on how Freedom (Algonquin) and Meta offer sustainable solutions, please visit:
About Algonquin Power & Utilities Corp. and Freedom
Algonquin Power & Utilities Corp., parent company of Freedomis a diversified international public production, transmission and distribution utility with more than $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 investments in public electricity production, transmission and distribution services. to more than one million customer connections, mainly in United States and Canada. Algonquin is a global leader in renewable energy with its portfolio of wind, solar and hydroelectric generation facilities under long-term contract. Algonquin owns, operates and/or has a net interest in over 4 GW of installed renewable energy capacity.
Algonquin is committed to sustainable growth and the pursuit of operational excellence through an expanding global pipeline of renewable energy development and power transmission projects, organic growth within its businesses production, distribution and transmission at regulated tariffs, and the pursuit of accretive acquisition and recycling activities that enhance assets.
Algonquin’s common shares, series A preferred shares and series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A and AQN.PR.D, respectively. The common stock, Series 2018-A Subordinated Notes, Series 2019-A Subordinated Notes and Units of AQN trade 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 press release contain information that is “forward-looking” for purposes of applicable securities laws (collectively, “forward-looking statements”). The words “will”, “expect” 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 contained in this press release include, but are not limited to, statements regarding expected future production capacity, production, completion date, community benefits, job creation and tax revenues related 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. Because forward-looking statements relate to future events and conditions, by their very nature they require assumptions to be made and involve inherent risks and uncertainties. Readers are cautioned that although the assumptions are believed to be reasonable under the circumstances, these risks and uncertainties give rise to the possibility that actual results could differ materially from the expectations set forth in the forward-looking statements. Material risk factors include those set forth in Algonquin’s MD&A and Annual Information Form for the year ended December 31, 2021, each of which is available on SEDAR and EDGAR. In view of these risks, undue reliance should not be placed on these forward-looking statements, which speak only as of their dates. Except as specifically required by law, Algonquin undertakes no obligation to update any forward-looking statements or information to reflect new information, whether subsequent or not.
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