SaskPower will be buying electricity from the wind farm under a 25-year deal that Algonquin said would mean $7.5 million in revenue this year and $8 million next year.
The project, which was more than six years in the making, was completed ahead of schedule, according to Algonquin.
That's in spite of a legal challenge last year from an area resident who said the facility was putting turbines too close to homes.
Construction was temporarily halted, but a judge eventually ruled there was no credible evidence to support the claim the turbines were dangerous.
Algonquin said it's procuring land for a second phase of Red Lily, which, if it proceeds, would add an additional 106 megawatts of generating capacity.