Feb 29 - Standard & Poor's Ratings Services today said that its ratings on Algonquin Power Co. (APCo; BBB-/Positive/--) are unaffected by the company's announcement of the 177-megawatt Chaplin wind project development in Saskatchewan. The project has no merchant risk, as APCo will sell all energy production under a 25-year power purchase agreement with SaskPower (not rated), which is wholly owned by the Province of Saskatchewan (AAA/Stable/A-1+). The company's target construction completion is December 2016 with an estimated capital cost of C$355 million. We assume that the company will finance this project with about 50% equity and 50% debt, consistent with its long term target capital structure. Based on this, we continue to believe that parent Algonquin Power & Utilities Corp. will achieve our target ratios of adjusted funds from operations-to debt of 15%-20%, with about 40%-50% of its consolidated cash flows supported by regulated cash flows from its other subsidiary, Liberty Utilities Co. (not rated).