Article

Algonquin Power & Utilities Corp. announces withdrawal from minority interest wind investment

Algonquin Power & Utilities Corp. today announced that it plans not to proceed with the previously announced investment in First Wind Holdings, LLC's ("First Wind") wind portfolio in the North East United States. The initial joint announcement with Emera Inc. in April 2011 had contemplated APUC acquiring a minority interest of approximately 12.5% in the Portfolio, representing an approximate U.S. $83 million investment.

OAKVILLE, ON-- Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced that it plans not to proceed with the previously announced investment in First Wind Holdings, LLC's ("First Wind") wind portfolio in the North East United States ("Portfolio"). The initial joint announcement with Emera Inc. ("Emera") (TSX:EMA) in April 2011 had contemplated APUC acquiring a minority interest of approximately 12.5% in the Portfolio, representing an approximate U.S. $83 million investment.

"Although First Wind is a developer of high quality wind projects, the longer than anticipated regulatory process in Maine, together with the transactions we have announced since April 2011 have contributed to our decision not to proceed with the First Wind investment", commented Ian Robertson, Chief Executive Officer of APUC. "Notwithstanding this decision, we remain solidly focused on gaining regulatory approval in Maine for the advancement of our Strategic Investment Agreement with Emera."

"Our Strategic Investment Agreement with Algonquin creates an excellent relationship, and together we believe we can capitalize on many investment... more [truncated due to possible copyright]  

OAKVILLE, ONĀ -- Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced that it plans not to proceed with the previously announced investment in First Wind Holdings, LLC's ("First Wind") wind portfolio in the North East United States ("Portfolio"). The initial joint announcement with Emera Inc. ("Emera") (TSX:EMA) in April 2011 had contemplated APUC acquiring a minority interest of approximately 12.5% in the Portfolio, representing an approximate U.S. $83 million investment.

"Although First Wind is a developer of high quality wind projects, the longer than anticipated regulatory process in Maine, together with the transactions we have announced since April 2011 have contributed to our decision not to proceed with the First Wind investment", commented Ian Robertson, Chief Executive Officer of APUC. "Notwithstanding this decision, we remain solidly focused on gaining regulatory approval in Maine for the advancement of our Strategic Investment Agreement with Emera."

"Our Strategic Investment Agreement with Algonquin creates an excellent relationship, and together we believe we can capitalize on many investment opportunities we see in front of us", said Chris Huskilson, CEO, Emera Inc. "Consistent with Emera's significant electrical utility presence in Maine, Emera remains fully committed to the First Wind transaction, as we believe this proposed investment will create benefits for citizens and customers of that State."

Robertson continued, "We have a large pipeline of exceptional acquisition and development opportunities and believe that our efforts should be focused on those investments where we can more directly contribute to their success. Our Strategic Investment Agreement with Emera remains strong and intact and we look forward to a continuing mutually beneficial relationship well into the future."


Source: http://www.newswire.ca/en/s...

JAN 28 2012
https://www.windaction.org/posts/33098-algonquin-power-utilities-corp-announces-withdrawal-from-minority-interest-wind-investment
back to top