Wind farm aims to produce enough energy to power the equivalent of 32,800 U.S. homes per year
Project expected to help create over 100 full-time jobs during construction
OAKVILLE, ON, and New York, NY – September 8, 2021 - Liberty, a part of Algonquin Power & Utilities Corp. ("Algonquin") (TSX/NYSE: AQN), announced today its collaboration with JPMorgan Chase (NYSE: JPM) on the 108 MW Shady Oaks II wind project that is expected to bring almost 350,000 MWh of clean energy to the U.S. grid per year. JPMorgan Chase will purchase approximately 70% of the wind farm’s energy output, which will serve as the largest contribution to date toward JPMorgan Chase’s 100% renewable energy commitment, supplying the equivalent of about 14 percent of its global power needs.
Located in Lee County, Illinois, the 22-wind turbine Shady Oaks II project represents a significant opportunity to offset greenhouse gas emissions, help advance a transition to a lower-carbon economy and contribute to the growth of Illinois’ clean energy footprint. The wind farm is expected to generate enough energy to power the equivalent of 32,800 U.S. homes per year; inject capital into the community by supporting local landowners and contribute up to $1.2 million per year in property tax revenue for the local county.
“We’re extremely pleased to partner with JPMorgan Chase, a global leader in the finance industry and a sustainability-focused company that is as passionate as we are about advancing renewable energy solutions,” said Brenda Marshall, Senior Vice President, Renewable Generation – Wind for Algonquin. “Shady Oaks II is an important contributor to our goal of continuing to add low-cost renewable generation capacity into our supply mix and supports our commitment to leading the change to a greener, cleaner planet.”
“Climate change continues to present a growing set of challenges to businesses and communities around the world,” said Brian DiMarino, Head of Operational Sustainability for JPMorgan Chase. “JPMorgan Chase is committed to facilitating the transition to a lower-carbon economy by advancing sustainable solutions for our clients and our own operations. Not only will this collaboration help us to meet our 100% renewable energy commitment and enable the construction of a new wind farm, but it also helps stabilize the future cost of our energy consumption in the region.”
Construction on Shady Oaks II, located approximately 50 miles west of Chicago, began in May of this year.
For more information on how Liberty (Algonquin) and JPMorgan Chase 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.
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. 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 Algonquin at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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”, “intends”, "aims", 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, community benefits and tax revenue with respect to the Shady Oaks 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. Algonquin cautions 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, 2020, and in Algonquin’s Management Discussion & Analysis for the three and six months ended June 30, 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.
For Further Information:
Stephanie Bose
Director, Corporate Communications
Algonquin Power & Utilities Corp.
E-mail: Corporate.Communications@libertyutilities.com
Telephone: (905) 465-4500
Michael Fusco
JPMorgan Chase & Co.
Email: michael.f.fusco@jpmchase.com