OAKVILLE, ON, Jan. 2, 2013 /PRNewswire/ – Algonquin Power & Utilities Corp.
(“APUC”) (TSX: AQN) today announced that an affiliate of Algonquin
Power Co. (“APCo”), APUC’s non-regulated power generation subsidiary,
has acquired a 109.5 MW contracted wind powered generating station
(“Shady Oaks”) from Goldwind International SO Limited (“Goldwind”) for
total consideration to all stakeholders of approximately US$148.9
million.

The Shady Oaks wind power facility is located in Northern Illinois,
approximately 80 km west of Chicago, Illinois and reached commercial
operation in June 2012. Total annual energy production is expected to
be 364 GW-hrs per year. The Shady Oaks wind facility has entered into a
20 year inflation indexed power purchase agreement with the largest
electric utility in the state of Illinois, Commonwealth Edison (BBB
flat stable: Moody’s, S&P). The facility is comprised of 68 Goldwind
GW82 1.5MW and 3 Goldwind GW100 2.5MW permanent magnet direct-drive
wind turbines; these turbines are well suited for the wind regime, and
offer significant technological advantages providing proven
reliability, enhanced energy production efficiency and lower long term
maintenance costs. Through its affiliate, Goldwind has assumed all
operations, maintenance, and capital repair responsibilities for the
Shady Oaks wind facility pursuant to a 20 year fixed price agreement.

“The acquisition of the Shady Oaks wind farm provides additional
geographic diversification to our renewable power portfolio and the 20
year power sales contract further strengthens the stable, long term
profile of our non-regulated power business,” commented Ian Robertson,
Chief Executive Officer of APUC. “The acquisition of Shady Oaks
provides a strong start to 2013 as we look to build on successes of
last year delivering value accretive growth for our shareholders.”

Additional information is available on the APUC website at investors.algonquinpower.com/mna.aspx?iid=4142273

About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. owns and operates a diversified $2.8
billion portfolio of regulated and non-regulated utilities in North
America. The company’s regulated utility business provides water,
electricity and natural gas utility services to more than 335,000
customers through its nationwide portfolio of regulated generation,
transmission and distribution utility systems. The company’s
non-regulated electric generation subsidiary owns or has interests in
renewable energy and thermal energy facilities representing more than
1,000 MW of installed capacity. Algonquin delivers continuing growth
through an expanding pipeline of renewable power and clean energy
projects, organic growth within its regulated utilities and the pursuit
of accretive acquisition opportunities. Common shares and preferred
shares are traded on the Toronto Stock Exchange under the symbols AQN
and AQN.PR.A respectively. Visit Algonquin Power and Utilities 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 within the meaning of certain securities laws,
including information and statements regarding prospective results of
operations, financial position or cash flows. 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. APUC 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 the management’s discussion and
analysis section of APUC’s most recent annual report and quarterly
report, and APUC’s Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking
statements or information to reflect new information, subsequent or
otherwise.

SOURCE Algonquin Power & Utilities Corp.