Algonquin Power & Utilities Corp. – Consolidated Financial Statements 3.  Business acquisitions and development projects (continued) (d)  Acquisition of U.S. wind farms Sandy Ridge Senate Minonk Total Cash  $ 1,365 $ 5,336 $ 16,528  $ 23,229 Property, plant and equipment  87,278 287,111 380,744  755,133 Derivative asset (liability) 1,655 (8,639) 3,736 (3,248) Working capital  (1,365) (5,336) (16,528)  (23,229) Asset retirement obligation (1,662) (1,697) (2,262) (5,621) Total net assets acquired  $ 87,271 $ 276,775 $ 382,218  $ 746,264 Equity interests: APCo Class B membership interest  $ 35,169 $ 88,748 $ 145,151  $ 269,068 Additional paid in capital  192 919 1,250 2,361 Noncontrolling interests:  Class A members 28,211 127,590 137,703 293,504 Class B members  23,699 59,518 98,114 181,331 $ 87,271 $ 276,775 $ 382,218  $ 746,264 2012 Annual Report 94 On July 1, 2012, APCo acquired a 51% controlling interest in the Pennsylvania based 50MW  Sandy Ridge Wind Project ("Sandy Ridge") for approximately $30,121 (U.S. $29,749). In  October, APCo acquired an additional 7.75% interest for U.S. $4,521. On December 10, 2012, APCo acquired a 58.75% controlling interest in both the 150 MW  Senate Wind Project ("Senate") in Texas and the 200 MW Minonk Wind Project ("Minonk")  in Illinois for approximately $87,646 (U.S. $88,801) and $143,652 (U.S. $145,544), respectively. On the same date, APCo acquired an additional 1.25% interest in all three  projects bringing the total interest to 60% for additional consideration of U.S. $ 3,100. The three wind projects are being acquired through Wind Portfolio Holdings LLC., a newly  formed partnership whose members include Class B members consisting of APCo, through  one of its subsidiaries, (holding a 60% controlling Class B interest) and Gamesa Corporación  Tecnológica, S.A. (“Gamesa”), the original developer of the projects, (holding a 40% interest  in Class B membership units) and certain Class A equity investors. In exchange for the cash  contributed, the Class A members will receive a portion of the economic attributes of the  facility, including Production Tax Credits, allocated taxable income or loss and cash  distributions, until the date they achieve the targeted internal rate of return (the ‘Flip Date’)  on their investment. Pursuant to the allocation rules specified in the LLC operating  agreement, all operating cash flow is allocated to the Class B members until the earlier of a  fixed date, or when the Class B members recover the amount of invested Class B capital. This is expected to occur between five to seven years from the initial closing date.  Thereafter, 65% of operating cash flow is allocated to the Class A members until the Flip  Date, which is expected to occur between eight and ten years from the initial closing date. After the initial year until the Flip Date, substantially all of the taxable income and benefits  generated by the partnerships are allocated to the Class A members, with any remaining  benefits allocated to the Class B members. The following table summarizes the assets acquired and liabilities assumed at the acquisition  dates. The equity interests show APCo’s total interest of 60% to reflect the nature of the  transaction:  ALGONQUIN POWER & UTILITIES CORP.  Notes to the Consolidated Financial Statements  December 31, 2012 and 2011   (in thousands of Canadian dollars except as noted and amounts per share) 