{"id":798991,"date":"2025-01-08T12:04:08","date_gmt":"2025-01-08T17:04:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/algonquin-power-utilities-corp-completes-sale-of-renewable-energy-business-to-ls-power\/"},"modified":"2025-01-08T12:04:08","modified_gmt":"2025-01-08T17:04:08","slug":"algonquin-power-utilities-corp-completes-sale-of-renewable-energy-business-to-ls-power","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/algonquin-power-utilities-corp-completes-sale-of-renewable-energy-business-to-ls-power\/","title":{"rendered":"Algonquin Power &amp; Utilities Corp. Completes Sale of Renewable Energy Business to LS Power"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Algonquin Power &amp; Utilities Corp. Completes Sale of Renewable Energy Business to LS Power<\/b><\/p>\n<p class=\"bwalignc\"><i>Marks key achievement in strategic transition to pure-play regulated utility<\/i><\/p>\n<p>OAKVILLE, Ontario&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nAlgonquin Power &amp; Utilities Corp. (TSX\/NYSE: AQN) (\u201cAQN\u201d or the \u201cCompany\u201d) announced today it has completed the sale of its non-regulated renewable energy business (excluding the Company\u2019s hydro fleet) to a wholly owned subsidiary of LS Power.<\/p>\n<p>\n\u201cWe are pleased with the timely and successful completion of the sale of our renewable energy business,\u201d said Chris Huskilson, Chief Executive Officer of AQN. \u201cThis transaction, coupled with the recent sale of our 42.2% ownership stake in Atlantica Sustainable Infrastructure plc on December 12, 2024, achieves a pivotal step in our journey to transform AQN into a pure-play regulated utility with reduced complexity. Though there is still work to be done, passing this milestone should enable a greater focus on increasing the pace of this transition.\u201d<\/p>\n<p>\nAQN intends to use the net proceeds from the transaction to pay down existing debt and strengthen its balance sheet.<\/p>\n<p>\nJ.P. Morgan served as the exclusive financial advisor to AQN in connection with the transaction. Gibson, Dunn &amp; Crutcher LLP and Blake, Cassels &amp; Graydon LLP served as legal advisors.<\/p>\n<p><b>About Algonquin Power &amp; Utilities Corp. and Liberty<\/b><\/p>\n<p>\nAlgonquin Power &amp; Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. AQN&#8217;s common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN&#8217;s common shares and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN and AQNB, respectively.<\/p>\n<p>\nVisit AQN at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.algonquinpower.com&amp;esheet=54175159&amp;newsitemid=20250107984388&amp;lan=en-US&amp;anchor=www.algonquinpower.com&amp;index=1&amp;md5=6b342d22e64e09387b605bad3d304d92\">www.algonquinpower.com<\/a> and follow us on X.com @AQN_Utilities.<\/p>\n<p><b>Caution Regarding Forward-Looking Information<\/b><\/p>\n<p>\nCertain statements included in this news release constitute \u2018\u2018forward-looking information\u2019\u2019 within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and \u2018\u2018forward-looking statements\u2019\u2019 within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, \u2018\u2018forward-looking statements\u201d). The words \u201cwill\u201d, \u201cintends\u201d, \u201cshould\u201d and \u201cexpects\u201d (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, statements regarding: the expected pace of the Company\u2019s transition to a pure-play regulated utility; and the expected use of proceeds from the sale of Company\u2019s renewable energy business. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. AQN cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. There can be no assurance that any of the intended benefits and aims of the sale of the Company\u2019s renewable energy business will be realized. Forward-looking statements contained herein are provided for the purposes of assisting in understanding the Company and its business, operations, risks, financial performance, financial position and cash flows as at and for the periods indicated and to present information about management\u2019s current expectations and plans relating to the future and such information may not be appropriate for other purposes. Material risk factors and assumptions include those set out in AQN&#8217;s Annual Information Form and Annual Management Discussion and Analysis for the year ended December 31, 2023, and Management Discussion and Analysis for the three and nine months ended September 30, 2024, each of which is available on SEDAR+ and EDGAR. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, AQN undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250107984388r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250107984388\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250107984388\/en\/<\/a><\/span><\/p>\n<p><b>Investor Inquiries:<br \/>\n<\/b><br \/>Brian Chin<br \/>\n<br \/>Vice President, Investor Relations<br \/>\n<br \/>Algonquin Power &amp; Utilities Corp.<br \/>\n<br \/>E-mail: <a rel=\"nofollow\" href=\"mailto:InvestorRelations@APUCorp.com\">InvestorRelations@APUCorp.com<br \/>\n<\/a><br \/>Telephone: (905) 465-4500<\/p>\n<p><b>Media Inquiries:<br \/>\n<\/b><br \/>Stephanie Bose<br \/>\n<br \/>Director, Corporate Communications<br \/>\n<br \/>Liberty<br \/>\n<br \/>E-mail: <a rel=\"nofollow\" href=\"mailto:Corporate.Communications@libertyutilities.com\">Corporate.Communications@libertyutilities.com<br \/>\n<\/a><br \/>Telephone: (905) 465-4500<\/p>\n<p><b>KEYWORDS:<\/b> North America Canada<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Energy Other Energy Oil\/Gas<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250107984388\/en\/2346955\/3\/Algonquin_Logo_RGB.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Algonquin Power &amp; Utilities Corp. Completes Sale of Renewable Energy Business to LS Power Marks key achievement in strategic transition to pure-play regulated utility OAKVILLE, Ontario&#8211;(BUSINESS WIRE)&#8211; Algonquin Power &amp; Utilities Corp. (TSX\/NYSE: AQN) (\u201cAQN\u201d or the \u201cCompany\u201d) announced today it has completed the sale of its non-regulated renewable energy business (excluding the Company\u2019s hydro fleet) to a wholly owned subsidiary of LS Power. \u201cWe are pleased with the timely and successful completion of the sale of our renewable energy business,\u201d said Chris Huskilson, Chief Executive Officer of AQN. \u201cThis transaction, coupled with the recent sale of our 42.2% ownership stake in Atlantica Sustainable Infrastructure plc on December 12, 2024, achieves a pivotal step in our journey to transform AQN &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/algonquin-power-utilities-corp-completes-sale-of-renewable-energy-business-to-ls-power\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Algonquin Power &amp; Utilities Corp. Completes Sale of Renewable Energy Business to LS Power&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-798991","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Algonquin Power &amp; Utilities Corp. 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(TSX\/NYSE: AQN) (\u201cAQN\u201d or the \u201cCompany\u201d) announced today it has completed the sale of its non-regulated renewable energy business (excluding the Company\u2019s hydro fleet) to a wholly owned subsidiary of LS Power. \u201cWe are pleased with the timely and successful completion of the sale of our renewable energy business,\u201d said Chris Huskilson, Chief Executive Officer of AQN. \u201cThis transaction, coupled with the recent sale of our 42.2% ownership stake in Atlantica Sustainable Infrastructure plc on December 12, 2024, achieves a pivotal step in our journey to transform AQN &hellip; Continue reading &quot;Algonquin Power &amp; Utilities Corp. 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