Clean Power Announces Agreement on Additional Wind Incentive

Clean Power Income Fund, certified under the Government of Canada’s Environmental ChoiceM Program, announced that it has reached an agreement with the Department of Natural Resources Canada regarding the eligibility of the Erie Shores Wind Farm in Ontario.

The wind farm will receive an increase in Wind Power Production Incentive (WPPI) payments of $2 per megawatt-hour (MWh) to $10 per MWh. The WPPI payment is provided by the Canadian government in support of the development of renewable energy projects under the country’s recently announced ecoEnergy Renewable Power program. The payment is a component of the contingency value receipt (CVR) outlined in the takeover offer by Algonquin Power Income Fund, which represents the right by unitholders of the Fund to receive 80 percent of the balance. Clean Power Income Fund is an open-ended investment trust that is invested in 15 power-generating facilities located in Quebec, Ontario, Alberta, British Columbia and four U.S. states with a total capacity of 303 MW. Three environmentally preferred technologies – windpower, waterpower and biomass – deliver electricity almost exclusively under long-term sales contracts and at minimal to zero fuel cost.
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