The sale marks the first sale of a utility-scale project using Chinese turbines to a western buyer.
Tim Rosenzweig, Goldwind’s CEO for the Americas, said that the transaction involving the company’s largest US asset is a signal of more market acceptance of Goldwind’s permanent-magnet direct-drive technology.
"The sale of Shady Oaks marks a significant milestone for our growth in the Americas and demonstrates our ability to compete in a ferociously competitive wind market," he said.
Algonquin had confirmed negotiations over the sale in November.
The project, the only utility-scale wind farm in the US to use Chinese wind turbines, is mostly comprised of Goldwind’s GW82 1.5MW direct drive turbine. It also uses three GW100 2.5MW turbines.