February 28, 2012 / 10:14 PM / 5 years ago

Algonquin enters into power purchase agreement with Sask Power

(Reuters) - Canada's Algonquin Power & Utilities Corp (AQN.TO) said it has entered into a 25-year power purchase agreement with Saskatchewan Power Corp for its upcoming 177 megawatt Chaplin Wind project.

The Chaplin Wind project, located in Saskatchewan, is expected to be completed in 2016, the company said in a statement.

The project is expected to generate first full year EBITDA of C$37.5 million and will be constructed at an estimated capital cost of C$355 million.

Shares of the company closed marginally down at C$6.15 on Tuesday on the Toronto Stock Exchange.

Reporting by Shounak Dasgupta in Bangalore; Editing by Anil D'Silva

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