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Algonquin Power & Utilities Corp. Announces Acquisition of 10 MW Cornwall Solar Development Project and 100MW Solar Pipeline
OAKVILLE, ONTARIO, November 27, 2011 -
Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) is pleased to announce that Algonquin Power Co. ("APCo"), APUC's power generation subsidiary, has entered into a share purchase agreement with EffiSolar Energy Corporation ("EffiSolar"), to acquire all of the issued and outstanding shares of Cornwall Solar Inc. ("Cornwall Solar"), based upon achievement of specific milestones and subject to approval by the Ontario Power Authority. Cornwall Solar owns the rights to develop a 10 MWac solar project located near Cornwall, Ontario (the "Project"). In addition to the Project, APCo has acquired an option to acquire 10 additional Ontario based solar projects ("FIT Pipeline"). Projects in the FIT Pipeline have submitted Feed-in-Tarriff applications for an additional 100MWac.
The Project has been granted an Ontario Feed-in-Tarriff contract by the Ontario Power Authority, with a 20 year term and a rate of $443/MWhr, resulting in expected initial annual revenues of approximately $6.2 million. The Project contemplates the use of a ground-mounted PV array system, with expected annual generation of approximately 13,400 MWh, enough to provide electricity to approximately 1,000 homes.
Following the completion of all regulatory submissions and approvals, construction of the project is expected to begin in the second half of 2012, with a Commercial Operation Date estimated in early 2013. The Project is being developed on two parcels of land totaling approximately 138 acres.
Total capital cost of the project is targeted at approximately $45 million, which amount includes the consideration to be paid for the acquisition of the Project. Funding for the project will be arranged and announced when all required permitting and all other pre-construction conditions have been satisfied.
"We have been actively pursuing the expansion of our renewable energy portfolio into the solar sector and are very pleased with the announcement of this first solar project", commented Ian Robertson, Chief Executive Officer of APUC. "This acquisition reinforces our strategic focus on continued investment in renewable energy in North America, and will add a stable and predictable source of earnings and cash flow to our power generation fleet."
The acquisition is subject to certain regulatory approvals and other closing conditions. Closing of the transaction is expected to occur by the end of 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 22 water and electric utility systems. Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Declares Fourth Quarter 2011 Dividend
OAKVILLE, ONTARIO, November 14, 2011 -
Algonquin Power & Utilities Corp. ("APUC") (TSX:AQN) of Oakville, Ontario announced that its Directors have declared a dividend on its shares. The dividend is $0.07 per share payable on January 16, 2012 to the shareholders of record on December 30, 2011 for the period from October 1, 2011 to December 31, 2011.
The dividend will be paid in cash or, if the shareholder has enrolled in the shareholder dividend reinvestment plan ("the Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan 5% discount for the fourth quarter of 2011.
For Canadian resident shareholders, dividends declared are considered as "eligible dividends" for purposes of the dividend tax credit rules contained in the Income Tax Act (Canada).
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 21 water and electric utility systems. Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
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Algonquin Power & Utilities Corp. Announces Exercise of Over-Allotment Option
Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this
restriction may constitute a violation of U.S. securities law.
OAKVILLE, ONTARIO, November 14, 2011 - Algonquin Power & Utilities Corp. ("APUC") (TSX : AQN) is pleased to announce that in connection with its previously announced closed public offering (the "Offering") of common shares of APUC (the "Common Shares"), the underwriters have exercised the over-allotment option and acquired an additional 1,769,000 Common Shares at $5.65 per Common Share for total gross proceeds of approximately $10 million. This brings the total proceeds raised in the Offering, including the exercise of the over-allotment option, to approximately $95 million.
The net proceeds of the Offering will be used to fund a portion of the investment related to previously announced growth initiatives for both Liberty Utilities Co. and Algonquin Power Co., to partially repay existing indebtedness and for other general corporate purposes.
The Offering was co-led by Scotia Capital Inc. and BMO Nesbitt Burns Inc. and included CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., Macquarie Capital Markets Canada Ltd., RBC Dominion Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Stifel Nicolaus Canada Inc., Mackie Research Capital Corporation and Cormark Securities Inc. in the syndicate of Underwriters.
The Offering has been made in all provinces of Canada. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares are not registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and were offered and sold in the United States pursuant to applicable exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 21 water and electric utility systems. Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces 2011 Third Quarter Financial Results
OAKVILLE, ONTARIO, November 10, 2011 -
Algonquin Power & Utilities Corp. (TSX: AQN), today announced financial results for the third quarter ended September 30, 2011, with results showing increased revenue, earnings before interest, taxes, depreciation, and amortization ("EBITDA") and net earnings compared to the previous year.
Financial Highlights:
- For the third quarter of 2011, revenue was $66.0 million as compared to $44.8 million in the third quarter of 2010. The increase in revenue over 2010 is primarily the result of a subsidiary of Liberty Utilities Co. ("Liberty Utilities") acquiring a California-based electricity distribution utility and related generation assets ("CalPeco") at the beginning of 2011, the effect of increased hydrologic resources compared to the comparable period in 2010, and revenue increases from rate case approvals for Liberty Utilities' rate regulated water businesses. For the first nine months of 2011, APUC generated revenue of $204.6 million as compared to $131.9 million in the first nine months of 2010.
- Adjusted EBITDA ("Adjusted EBITDA") was $25.8 million in the third quarter of 2011 as compared to $17.7 million in the third quarter of 2010. The increase in Adjusted EBITDA is primarily related to the acquisition of CalPeco, revenue increases from rate case approvals in Liberty Utilities' rate regulated businesses, and improved hydrology at Algonquin Power Co.'s ("APCo") renewable energy facilities. APUC generated Adjusted EBITDA of $80.9 million for the first nine months of 2011 as compared to $54.3 million for the first nine months of 2010.
- APUC reported net earnings in the third quarter of 2011 of $19.6 million or $0.16 per share as compared to net earnings of $1.3 million or $0.01 per share for the third quarter of 2010. For the first nine months of 2011, APUC reported net earnings of $31.9 million or $0.29 per share as compared to $2.3 million or $0.02 per share for the first nine months of 2010.
- APUC reported adjusted net earnings of $21.4 million or $0.18 per share in Q3 2011 as compared to adjusted net earnings of $1.2 million or $0.01 per share in Q3 2010. APUC reported adjusted net earnings of $34.9 million or $0.31 per share for the first nine months of 2011 as compared to adjusted net earnings of $4.3 million or $0.05 per share for the first nine months of 2010.
Performance, Operational, and Growth Highlights:
- In the third quarter of 2011, APCo's Maritime region experienced hydrologic resources significantly higher than long-term averages, resulting in electrical energy production which was approximately 166% above production forecast based on long-term average resources, and the Quebec, New York and New England regions also experienced hydrologic resources higher than long-term averages, resulting in energy production between 15 - 25% above long-term averages. The Manitoba region experienced wind resources above long-term averages, producing 5% above long-term averages. The Western and Saskatchewan regions experienced hydrologic and wind resources between 5 - 8% below long-term averages and the Ontario region experienced hydrologic resources of approximately 20% below the long-term average.
- During the third quarter, the rate regulated water businesses owned by Liberty Utilities experienced revenue increases in both its water distribution and wastewater treatment business of 43% and 14% respectively. The increases are primarily due to the implementation of rate increases at several facilities in 2010.
- During the third quarter, revenue generated by CalPeco from net energy sales totalled U.S. $6.9 million. As CalPeco was acquired on January 1, 2011 there are no comparable results for 2010.
- During the quarter on July 25, 2011, APCo issued $135 million in Senior Unsecured Debentures. The net proceeds from the Senior Unsecured Debentures were used to repay the outstanding senior debt at the St. Leon wind facility and to reduce amounts outstanding under APCo's senior revolving credit facility (the "Facility"). The Senior Unsecured Debentures mature on July 25, 2018, and bear interest at a rate of 5.50% per annum, calculated semi-annually payable on January 25 and July 25 each year, commencing on January 25, 2012.
- On July 26, 2011, APCo announced the execution of a 25-year power purchase agreement with Manitoba Hydro in respect of a 16.5MW expansion of APCo's existing St. Leon wind energy project ("St Leon II). Permitting for the expansion project was completed in 2010 with construction having commenced in the third quarter of 2011. St. Leon II is expected to be commissioned in the first quarter of 2012 with total estimated capital costs of approximately $29.5 million. In the first full year of production following commissioning, APUC anticipates generating annual gross revenues of $3.8 million.
- On August 11, 2011, the Board of Directors of APUC approved a dividend increase of $0.02 annually bringing the total annual dividend to $0.28, paid quarterly at the rate of $0.07 per common share. This increase follows a previous dividend increase of $0.02 annually in March of this year. The dividend increase is consistent with APUC's stated strategy of delivering total shareholder return comprised of attractive current dividend yield and capital appreciation founded on increased earnings and cash flows.
- Subsequent to the end of the third quarter, APUC completed a public offering (the "Offering") of 16,879,000 common shares at a price of $5.65 per share, for gross proceeds of approximately $95.3 million. The net proceeds of the Offering will be used to fund a portion of the investment related to previously announced growth initiatives for both Liberty Utilities and APCo to partially repay existing indebtedness and for other general corporate purposes.
"In addition to delivering strong operational results from our existing businesses, the third quarter has seen a continued focus on the regulatory approval processes related to our committed power and utility growth initiatives", commented Chief Executive Officer Ian Robertson. "We are confident that these growth initiatives in both our independent power and regulated utilities businesses will continue to drive future earnings and cash flows."
APUC's supplemental information is available by clicking here.
APUC will hold an earnings conference call at 9:00 a.m. eastern time on Friday, November 11, 2011, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: Friday, November 11, 2011
Start Time: 9:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4481633
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 4481633# from November 11, 2011 until November 25, 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 21 water and electric utility systems. Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Completes $85 Million Offering of Common Shares
Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this
restriction may constitute a violation of U.S. securities law.
OAKVILLE, Ontario, October 27, 2011 - Algonquin Power & Utilities Corp. ("APUC") (TSX : AQN) is pleased to announce that it has closed its previously announced public offering (the "Offering") of common shares of APUC (the "Common Shares"). Under the terms of the Offering, APUC issued 15,100,000 Common Shares at a price of $5.65 per share, for gross proceeds of approximately $85 million.
The net proceeds of the Offering will be used to fund a portion of the investment related to previously announced growth initiatives for both Liberty Utilities Co. and Algonquin Power Co. ("APCo"), to partially repay existing indebtedness and for other general corporate purposes.
The Common Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters co-led by Scotia Capital Inc. and BMO Nesbitt Burns Inc. and including CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., Macquarie Capital Markets Canada Ltd., RBC Dominion Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Stifel Nicolaus Canada Inc., Mackie Research Capital Corporation and Cormark Securities Inc (collectively, the "Underwriters").
APUC has granted the Underwriters an option, exercisable in whole or in part at any time up until 30 days after the closing date, to purchase up to an additional 2,265,000 common shares on the same terms and conditions. If such option is exercised in full, the total gross proceeds of the Offering will be approximately $98 million.
The Offering has been made in all provinces of Canada, and is subject to the approval of regulatory authorities. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares are not registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and were offered and sold in the United States pursuant to applicable exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 21 water and electric utility systems. Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
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Algonquin Power & Utilities Corp. Announces Termination of Lock-up Agreement
OAKVILLE, Ontario, October 26, 2011 - Algonquin Power & Utilities Corp. ("APUC") (TSX : AQN) announced today that it is no longer interested in pursuing discussions with, or conducting due diligence regarding, Western Wind Energy Corp. ("Western Wind") in relation to any possible transaction involving APUC and Western Wind. Accordingly, the lock-up agreement APUC previously entered into with a significant shareholder of Western Wind has been terminated.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 21 water and electric utility systems. Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
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Algonquin Power & Utilities Corp. to Host Investor Morning on November 28, 2011
OAKVILLE, Ontario, October 17, 2011 - Algonquin Power & Utilities
Corp. (APUC) (TSX: AQN) today announced that it will host an investor
morning on Monday, November 28, 2011. The event will take place at
the St. Andrew’s Club & Conference Centre in Toronto, ON.
Chief Executive Officer Ian Robertson will provide a business overview of APUC and discuss key strategic themes of the business including growth metrics,
dividends, and synergies between APUC’s power and utilities businesses. In addition, Chief Financial Officer David Bronicheski and members of the company's
key leadership team will deliver comprehensive presentations on the financial, operational and growth plans of the company.
Institutional investors, financial analysts and members of the financial community interested in attending can register in advance for the event by emailing
registration@algonquinpower.com.
The investor morning registration will begin at 8:00 a.m. on November 28, 2011, with presentations scheduled from 8:30 a.m. to 1:00 p.m. A light breakfast and lunch will be served.
A live and archived audio and video webcast of the investor morning will be available for those unable to attend the event in person. Please email
registration@algonquinpower.com for login details.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable
utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric
utility services to more than 120,000 customers with a portfolio of 21 water and electric utility systems. Pursuant to previously announced agreements, Liberty
Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a
regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve
approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12
thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a
partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW
of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion
renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities.
APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin
Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
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Algonquin Power & Utilities Corp. announces dates for 2011 third quarter financial results release and conference call
OAKVILLE, ONTARIO, October 14, 2011 - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced plans to release 2011 third quarter financial results the afternoon of Thursday, November 10, 2011. APUC will hold an earnings conference call at 9:00 a.m. eastern time on Friday, November 11, 2011, hosted by Chief Executive Officer Ian Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, November 11, 2011
Start Time: 9:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4481633
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 4481633# from November 11, 2011 until November 25, 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 21 water and electric utility systems. Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
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Algonquin Power & Utilities Corp. Responds to Press Release by Western Wind
OAKVILLE, ONTARIO, October 11, 2011 - Algonquin Power & Utilities Corp. ("APUC") (TSX : AQN) expressly disavows any assertions made in the press release issued today by Western Wind Energy Corp. ("Western Wind") regarding an unsolicited offer being made by APUC for the shares of Western Wind.
In a confidential communication with the Western Wind Board of Directors, APUC provided a non-binding expression of interest in engaging in discussions with Western Wind to determine whether an opportunity exists to create shareholder value. Further, the communication was clear that any offer would only be made following completion of substantial due diligence by APUC, execution of a definitive support agreement between Western Wind and APUC and approval of the APUC Board; none of which have been completed.
During its analysis of Western Wind based on publicly available information, APUC has held discussions with a number of Western Wind's largest shareholders regarding a potential $2.50 per share offer for Western Wind and from these discussions is confident that these shareholders would be supportive of such an initiative.
It is now up to Western Wind's Board of Directors to initiate an appropriate process to provide access for any interested party to perform a due diligence review.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 21 water and electric utility systems. Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces $85 Million Offering of Common Shares
OAKVILLE, ONTARIO, October 6, 2011 -
Algonquin Power & Utilities Corp. ("APUC") (TSX : AQN) today announced that it has entered into an agreement to sell to a syndicate of underwriters led by Scotia Capital Inc. and BMO Capital Markets, on a bought deal basis, 15,100,000 common shares at $5.65 per common share for gross proceeds of approximately $85 million (the "Offering"). APUC has granted the underwriters an option, exercisable in whole or in part at any time up until 30 days after the closing date, to purchase up to an additional 2,265,000 common shares on the same terms and conditions. If such option is exercised in full, the total gross proceeds of the Offering will be approximately $98 million.
The proceeds of the Offering will be used to fund a portion of the investment related to previously announced growth initiatives for both Liberty Utilities and Algonquin Power Co. and for other general corporate purposes. The offering is subject to the receipt of all necessary regulatory and stock exchange approvals. Closing is expected to occur on or about October 27, 2011. "The acquisition of Granite State Electric Company, EnergyNorth Natural Gas Inc. and the mid?states ATMOS Energy Corporation's natural gas distribution businesses by Liberty Utilities significantly expands the utility business footprint of APUC. The material increase in the proportion of our regulated utility earnings arising from these initiatives will further improve the long term, stable nature of the cash flows of APUC.", commented Chief Executive Officer Ian Robertson. "Continuing growth in earnings and cash flows underpins our strategy of delivering an attractive total shareholder return from our balanced portfolio of regulated utility and independent power assets."
The Common Shares have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 21 water and electric utility systems. Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward?Looking Information
Certain statements included in this news release contain information that is forward?looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward?looking statements or information to reflect new information, subsequent or otherwise
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Algonquin Power & Utilities Corp. Introduces a Shareholder Dividend Reinvestment Plan
OAKVILLE, ONTARIO, October 6, 2011 - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced the implementation of an optional Shareholder Dividend Reinvestment Plan (the "Plan").
The Plan allows Canadian registered holders of APUC common shares ("Shares") a convenient means to acquire additional Shares through the reinvestment of cash dividends paid on shareholdings. Additional Shares will be purchased in the open market or will be issued by APUC at a discount, if any, of up to 5% from the average market price as defined in the Plan.
The Plan is available to shareholders resident in Canada and reinvestment will begin with cash dividends paid on January 16, 2012 to shareholders of record on December 30, 2011.
The main advantages of enrolling in the Plan are:
- The convenience of having cash dividends automatically reinvested in Common Shares instead of receiving cash dividends
- The ability to purchase Common Shares without having to pay commissions, service charges, or brokerage fees
- Convenient tracking of your Plan Shares with quarterly statements.
Non-registered beneficial holders of Shares (i.e., shareholders who hold their Shares through a financial institution, broker, nominee or other intermediary) should consult with that institution to determine the procedures for participation in the Plan.
In the case of a registered shareholder, the full text of the Plan including an enrolment form will be mailed directly to the shareholder. The Plan may also be obtained on the APUC website by clicking here. Authorization forms must be received at least five business days prior to the dividend record date. Once a shareholder is enrolled in the Plan, participation will continue automatically unless terminated in accordance with the terms of the Plan.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 21 water and electric utility systems. Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces 2011 Second Quarter Financial Results
OAKVILLE, ONTARIO, August 11, 2011 - Algonquin Power & Utilities Corp. (TSX: AQN), today announced financial results for the second quarter ended June 30, 2011, with results showing increased revenue, earnings before interest, taxes, depreciation, and amortization ("EBITDA") and earnings compared to the previous year.
Financial Highlights:
- For the second quarter of 2011, revenue was $66.8 million as compared to $42.0 million in the second quarter of 2010. The increase in revenue over 2010 is primarily the result of a subsidiary of Liberty Utilities Co. ("Liberty Utilities") acquiring a California-based electricity distribution utility and related generation assets ("CalPeco") at the beginning of 2011, increases at the end of 2010 due to the results of rate case approvals for revenue increases in Liberty Utilities water distribution and wastewater treatment business, and the Energy-from-Waste facility being operational as compared to the same time last year when it was undergoing repairs. For the first six months of 2011, APUC generated revenue of $138.5 million as compared to $87.1 million in the first six months of 2010.
- Adjusted EBITDA ("Adjusted EBITDA") was $28.2 million in the second quarter of 2011 as compared to $18.7 million in the second quarter of 2010. The increase in Adjusted EBITDA is primarily related to the acquisition of CalPeco, increases due to the results of the rate case approvals for revenue increases in Liberty Utilities' regulated water businesses, and improved hydrology at Algonquin Power Co.'s ("APCo") hydroelectric facilities. APUC generated Adjusted EBITDA of $55.1 million for the first six months of 2011 as compared to $36.6 million for the first six months of 2010.
- APUC reported net earnings in the second quarter of 2011 of $7.3 million or $0.07 per share as compared to net loss of $2.5 million or net loss of $0.03 per share for the second quarter of 2010. For the first six months of 2011, APUC reported net earnings of $12.3 million or $0.11 per share as compared to $1.1 million or $0.01 per share for the first six months of 2010.
- APUC reported adjusted net earnings of $8.3 million or $0.07 per share in Q2 2011 as compared to adjusted net earnings of $0.2 million or $0.00 per share in Q2 2010. APUC reported adjusted net earnings of $13.5 million or $0.12 per share for the first six months of 2011 as compared to adjusted net earnings of $3.1 million or $0.03 per share for the first six months of 2010.
Performance, Operational, and Growth Highlights:
- In the second quarter of 2011, APCo's New York and Western regions experienced resources significantly higher than long-term averages, producing approximately 15-20% above long-term average resources. The New England, Quebec and Manitoba regions experienced resources approximately 5-10% above long-term average resources. The Maritimes and Ontario regions experienced resources approximately equal to long-term average resources, while Saskatchewan region experienced resources of approximately 5% below long-term averages.
- During the second quarter, the regulated water businesses owned by Liberty Utilities experienced revenue increases in both its water distribution and wastewater treatment business of 32% and 11% respectively. The increases are primarily due to the implementation of rate increases at several facilities and increased customer demand compared to the same period in 2010.
- During the second quarter, revenue generated by CalPeco from net energy sales totalled U.S. $7.0 million. As CalPeco was acquired on January 1, 2011 there are no comparable results for 2010.
- On April 29, 2011, APUC announced that it had entered into a strategic investment agreement (the "Strategic Agreement") with Emera which establishes how APUC and Emera will work together to pursue specific strategic investments of mutual benefit. The Strategic Agreement builds on the strategic partnership effectively established between the two companies in April 2009. As an element of the Strategic Agreement, Emera's allowed common equity interest in APUC will be increased from 15% to 25%.
- Also on April 29, 2011, Emera agreed to sell its 49.999% direct ownership in CalPeco to Liberty Utilities, with closing of such transaction subject to regulatory approval. As consideration Emera will receive 8.211 million APUC shares in two tranches. Approximately half of the shares will be issued following regulatory approval of the CalPeco ownership transfer and the balance of the shares will be issued following completion of CalPeco's first rate case, expected to be completed in the latter half of 2012.
- On April 30, 2011, APUC and Emera announced that they entered into an agreement to jointly construct, own and operate wind energy projects in the Northeast U.S. with First Wind. First Wind has a 370 MW portfolio of wind energy projects including five operating projects and two projects near operation. These assets will become part of an operating company of which First Wind will own 51% and, Emera and APUC through a separate joint venture ("Northeast Wind"), will own 49% of the operating company. Emera will initially own 75% of Northeast Wind and APUC will own the balance. Northeast Wind will invest a total of $333 million to acquire the 49% ownership of the operating company.
- On May 13, 2011, APUC announced that Liberty Utilities had entered into an agreement with Atmos Energy Corporation ("Atmos") to acquire their regulated natural gas distribution utility assets (the "Midwest Gas Utilities") located in Missouri, Iowa, and Illinois. Total purchase price for the Midwest Gas Utilities is approximately U.S. $124 million, subject to certain working capital and other closing adjustments. Liberty Utilities expects to acquire assets for rate making purposes of approximately $112 million, representing a purchase price multiple of 1.106x of the acquired rate base.
- As at May 16, 2011 APUC had redeemed all of the issued and outstanding Series 1A Debentures in exchange for 15,201,851 shares of APUC.
- Subsequent to the end of the quarter on July 25, 2011, APCo issued $135 million in Senior Unsecured Debentures. The net proceeds from the Senior Unsecured Debentures were used to repay the outstanding AirSource Senior Debt at the St. Leon facility and to reduce amounts outstanding under APCo's senior revolving credit facility (the "Facility"). The Senior Unsecured Debentures mature on July 25, 2018, and bear interest at a rate of 5.50% per annum, calculated semi-annually payable on January 25 and July 25 each year, commencing on January 25, 2012.
- Subsequent to the end of the quarter on July 26, 2011, APCo announced the execution of a 25-year power purchase agreement with Manitoba Hydro in respect of a 16.5MW expansion of APCo's existing St. Leon wind energy project. Permitting for the expansion project was completed in 2010 with construction expected to commence in the third quarter of 2011. The project is expected to be commissioned in the first quarter of 2012 with total estimated capital costs of approximately $29.5 million. In the first full year of production following commissioning, APUC anticipates generating annual gross revenues of $3.8 million.
"We have continued to post strong year-over-year results due to the impact of the successful completion of our 2010 growth activities, including growth of our independent power business and expansion of Liberty Utilities", commented Ian Robertson, Chief Executive Officer of APUC. "2011 has seen a continuation of positive developments and momentum in our growth plans, supporting the recently announced dividend increase."
APUC's financial information and analysis are available on the web site at www.algonquinpowerandutilities.com.
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, August 12, 2011, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: Friday, August 12, 2011
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4455522
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 4455522# from August 12, 2011 until August 26, 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,000 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving approximately 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp Announces Dividend Increase and Declares Third Quarter Dividend
OAKVILLE, ONTARIO, August 11, 2011 - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN), today announced that the Board of Directors of APUC approved an annual dividend increase of $0.02 per common share for a total annual dividend of $0.28, paid quarterly at a rate of $0.07 per common share.
APUC also announced today that its Directors have declared a dividend on its shares. The dividend is $0.07 per share payable on October 17, 2011 to the shareholders of record on September 30, 2011 for the period from July 1, 2011 to September 30, 2011.
"We believe that the new expansion initiatives, significant progress implementing existing opportunities and earnings growth during the past six months evidence the organization's ability to deliver against the value creation expectations implicit in our total shareholder return proposition", commented Ian Robertson, Chief Executive Officer of APUC. "The confidence of the Board of Directors in APUC's growing cash flows, solid earnings and future growth prospects is reflected in this further increase in the annual dividend".
For Canadian resident shareholders, dividends declared are considered as "eligible dividends" for purposes of the dividend tax credit rules contained in the Income Tax Act (Canada).
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.algonquinpowerandutilities.com.
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Algonquin Power & Utilities Corp. Executes Power Purchase Agreement with Manitoba Hydro
OAKVILLE, ONTARIO, July 26, 2011 - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced the execution of a 25-year power purchase agreement with Manitoba Hydro in respect of a 16.5MW expansion of APUC's existing St. Leon wind energy project located in the Province of Manitoba.
In the first full year of production following commissioning, APUC anticipates generating annual gross revenues of $3.8 million. Rates paid under the power purchase agreement are subject to a partial inflation adjustment that will be applied annually. The expansion will be comprised of 10 Vestas V82-1.65 MW wind turbines, which already have been manufactured and are awaiting shipment to the site from a U.S. storage location. Permitting for the expansion project was completed in 2010 with construction expected to commence in the third quarter of 2011; commissioning of the expansion project is expected to occur in first quarter of 2012 with total forecast capital costs of $29.5 million.
"We are very pleased to announce this next phase in the expansion of our St. Leon Wind Energy facility and our continued involvement with the St. Leon community" commented Ian Robertson, Chief Executive Officer of APUC. "The local support in the town of St. Leon has been tremendous and we look forward to continuing the close-knit relationship we have developed since the original commissioning in 2006. We are pleased with the continuing growth of our wind energy portfolio in the Province of Manitoba and the benefits of its excellent wind regime."
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com and www.sedar.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis in the most recently published annual report and quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces Closing of APCo Debenture Offering
OAKVILLE, ONTARIO, July 25, 2011 – Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today announced that Algonquin Power Co. (“APCo”), APUC’s power generation subsidiary, has completed the previously announced private placement offering of debentures (“APCo Debentures”).
Pursuant to the closing of the offering, APCo issued a principal amount of $135 million in APCo Debentures bearing interest at a rate of 5.50% per annum, calculated semi-annually. Semi-annual interest payments will be payable on January 25 and July 25 each year, commencing on January 25, 2012. The APCo Debentures mature on July 25, 2018.
Net proceeds from the APCo Debentures will be used to repay the project debt on APCo’s St. Leon Wind Energy Facility maturing in October 2011, and to reduce amounts outstanding under APCo’s senior credit facility.
The APCo Debentures have been assigned a credit rating of “BBB low” with a stable trend by DBRS Limited and a credit rating of “BBB-” with stable outlook by Standard & Poor's Rating Service.
“We are very pleased to conclude this offering of APCo’s inaugural issue of debentures”, stated David Bronicheski, Chief Financial Officer of APUC. “APCo now has a new fixed income investor base on which to finance the company’s strong stable portfolio of assets. We have also strengthened the overall capital structure of APCo with a long term financing on attractive terms that provides the company with additional financial flexibility to execute on its business plans.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The offer and sale of the APCo Debentures will not be registered under the United States Securities Act of 1933, as amended (“Securities Act”) and the APCo Debentures may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
The APCo Debenture offering was co-led by National Bank Financial and BMO Capital Markets
About Algonquin Power & Utilities Corp
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis in the most recently published annual report and quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
For further information:
Kelly Castledine Algonquin Power & Utilities Corp. 2845 Bristol Circle, Oakville, Ontario, L6H 7H7 Telephone: (905) 465-4500
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Algonquin Power & Utilities Corp. Announces Private Offering of Senior Unsecured Debentures by APCo
Oakville, Ontario, July 18, 2011
Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced that Algonquin Power Co. ("APCo"), APUC's power generation subsidiary, intends to offer $100 million senior unsecured debentures (the "APCo Debentures") pursuant to a private placement in Canada.
Net proceeds from the APCo Debentures will be used primarily to repay the project debt on APCo's St. Leon Wind Energy Facility maturing in October 2011, to reduce amounts outstanding under APCo's senior credit facility and for general corporate purposes.
"This inaugural issue of debentures by APCo further diversifies the company's funding options and strengthens the company's capital structure", stated David Bronicheski, chief financial officer of APUC. "Following this debenture issue, debt levels will remain unchanged and APCo will not have any near term debt maturities. In addition, the tenor of the APCo debentures is a more appropriate match for the long term stable nature of the power generation asset portfolio."
The APCo Debentures have been assigned a provisional credit rating of "BBB low" with a stable trend by DBRS Limited and a preliminary credit rating of "BBB-" with stable outlook by Standard & Poor's Rating Service.
The Debentures will be offered for sale on a private placement basis in the provinces of Canada, pursuant to certain prospectus exemptions. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The offer and sale of the Debentures will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and the Debentures may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
The APCo Debenture offering is being co-led by National Bank Financial and BMO Capital Markets.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis in the most recently published annual report and quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. announces dates for 2011 second quarter financial results release and conference call
Oakville, Ontario, July 11, 2011Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced plans to release 2011 second quarter financial results the afternoon of Thursday, August 11, 2011. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, August 12, 2011, hosted by Chief Executive Officer Ian Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, August 12, 2011
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4455522
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 4455522# from August 12, 2011 until August 26, 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.
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Algonquin Power & Utilities Corp. Announces Date for Annual and Special Shareholders Meeting
Oakville, Ontario, June 1, 2011
Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced the date of the annual and special meeting of its shareholders.
Meeting Details:
Date: June 21, 2011
Time: 4:00 p.m. Eastern Time
Location: Homewood Suites, 2095 Winston Park Drive, Oakville, ON, L6H 6P5
The Notice of Meeting and Management Information Circular outlining the matters to be dealt with at the meeting have been mailed to shareholders and are available on Algonquin Power & Utilities Corp.'s website at www.algonquinpower.com
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, and additional regulated natural gas distribution utility assets located in Missouri, Iowa, and Illinois, which together serve approximately 214,000 customers. Algonquin Power Co. ("APCo"), APUC's electric generation subsidiary, owns and has interests in 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement, APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com and www.sedar.com.
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Algonquin Power & Utilities Corp. Announces Acquisition of Midwest Natural Gas Distribution Utility Assets.
OAKVILLE, ONTARIO, May 13, 2011 Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today announced that Liberty Energy Utilities Co. (“Liberty Energy”), APUC’s regulated electricity and natural gas distribution utility subsidiary, has entered into an agreement with Atmos Energy Corporation (“Atmos Energy”) (NYSE: ATO) to acquire their regulated natural gas distribution utility assets (the “Utilities”) located in Missouri, Iowa, and Illinois. Total purchase price for the Utilities is approximately U.S. $124 million, subject to certain working capital and other closing adjustments. Liberty Energy expects to acquire assets for rate making purposes of approximately $112 million, representing a purchase price multiple of 1.106x.
The Utilities currently provide natural gas local distribution service to approximately 84,000 customers (57,000 in Missouri, 23,000 in Illinois, and 4,000 in Iowa). The Utilities have capable and experienced work forces and Liberty Energy intends to make offers of continuing employment to all current employees of the Utilities.
Closing of the transaction is subject to certain conditions including state and federal regulatory approval, and is expected to occur in 2012. Financing of the acquisitions is expected to occur simultaneously with the closing of the transaction. Liberty Energy will not be assuming any existing indebtedness with this transaction.
“The acquisition of these well maintained, high quality utility assets is consistent with our growth strategy and provides Liberty Energy a great opportunity to accretively expand its regulated utility operations in Missouri and Illinois, both States with which we are familiar through our existing utility businesses.” commented Ian Robertson, Chief Executive Officer of Algonquin Power & Utilities Corp. “We are confident in our ability to continue Atmos Energy’s history of providing reliable, safe and cost effective customer service in these territories.” he continued.
A summary fact sheet on the Utilities being acquired can be found on APUC’s web site at www.algonquinpower.com.
Algonquin Power will address questions regarding the acquisition during the conference call being held for the first quarter 2011 results at 9:00 a.m. eastern time on Friday, May 13, 2011, hosted by Chief Executive Officer Ian Robertson and Chief Financial Officer David Bronicheski.
For more information click here
Conference call details are as follows:
Date: Friday, May 13, 2011
Start Time: 9:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4433621
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 4433621# from May 13, 2011 until May 27, 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve approximately 130,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com and www.sedar.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC’s most recent annual report and quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Declares Second Quarter 2011 Dividend
Oakville,Ontario , May 12, 2011
Algonquin Power & Utilities Corp. ("APUC") (TSX:AQN) of Oakville, Ontario announced today that its Directors have declared a dividend on its shares. The dividend is $0.065 per share payable on July 15, 2011 to the shareholders of record on June 30, 2011 for the period from April 1, 2011 to June 30, 2011. For Canadian resident shareholders, dividends declared are considered as "eligible dividends" for purposes of the dividend tax credit rules contained in the Income Tax Act (Canada).
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve approximately 130,000 customers. Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. Pursuant to a previously announced agreement APCo will be acquiring a partial interest in an existing 370MW portfolio of New England and New York wind projects and development opportunities representing an additional 1,200MW of wind generation projects. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com and www.sedar.com.
Certain statements included in this news release may contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, most recent quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces 2011 First Quarter Financial Results
OAKVILLE, Ontario – May 12, 2011 - Algonquin Power & Utilities Corp. (TSX: AQN), today announced financial results for the first quarter ended March 31, 2011, with results showing increased revenue, EBITDA and earnings compared to the previous year and quarter as a result of growth initiatives completed in 2010.
First Quarter Financial Highlights:
- For the first quarter of 2011, revenue was $71.7 million as compared to $45.9 million in the first quarter of 2010. The increase in revenue over 2010 is primarily the result of Liberty Energy Utilities Co. (“Liberty Energy”) acquiring a California-based electricity distribution utility and related generation assets (“California Utility”) at the beginning of the quarter, increases at the end of 2010 due to the results of rate case approvals for revenue increases in Liberty Water Co. (“Liberty Water”), and above long-term average hydrology in Quebec and Maritime regions during the quarter.
- Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) was $26.9 million in the first quarter of 2011 as compared to $17.9 million in the first quarter of 2010. The increase in Adjusted EBITDA is primarily related to the acquisition of the Caifornia Utility, and increases due to the results of the rate case approvals for revenue increases in Liberty Water.
- APUC reported net earnings in the first quarter of 2011 of $5.0 million or $0.05 per share as compared to net earnings of $3.5 million or $0.04 per share for the first quarter of 2010.
- Adjusted net earnings are utilized to report the net earnings of APUC without the effects of gains or losses on foreign exchange, foreign exchange forward contracts, and interest rate swaps as these are are not reflective of the performance of the underlying business of APUC. APUC reported adjusted net earnings of $4.5 million or $0.04 per share in Q1 2011 as compared to adjusted net earnings of $1.4 million or $0.02 per share in Q1 2010.
First Quarter Performance, Operational, and Growth Highlights:
- In the first quarter of 2011, Algonquin Power Co.’s (“APCo”) Maritime and Quebec regions experienced resources significantly higher than long-term averages, producing approximately 30% and 6% above long-term average resources, respectively. The Western region experienced resources approximately 5% below long-term average, while the Ontario, Manitoba and New England regions experienced resources of approximately 10% below long-term averages. The New York regions experienced results approximately 15% below long-term average resources. APCo’s thermal division experienced a decrease in production primarily as a result of the change in the operating model at the Windsor Locks facility.
- During the first quarter, Liberty Water experienced revenue increases in both its water distribution and wastewater treatment business of 29% and 23% respectively. The increases are primarily due to the acquisition of the Galveston facility, and the implementation of rate increases at several facilities. During 2010, Liberty Water completed rate case proceedings at nine utilities.
- On January 1, 2011, APUC announced the closing of the acquisition of the California Utility. Emera and APUC jointly own and operate these assets through California Pacific Electric Company, LLC. In the first operating quarter, Liberty Energy posted revenues of $22.9 million. Liberty Energy expects to file a rate case with the California Public Utility Commission in August 2011 with new rates expected to take effect in mid 2012.
- On January 14, 2011, APUC announced that it received commitments with a syndicate of banks for a new APCo $142 million senior secured revolving credit facility with a three year term. The renewal of the credit facility supports APUC’s operations and contributes to a strong, investment grade capital structure.
- On February 25, 2011, APUC announced that Ontario Power Authority (“OPA”) awarded a contract to the wholly owned 75 MW Amherst Island Wind Project. The contract was awarded as part of the second round of the OPA’s Feed-in Tariff program. The project will be developed by APCo and currently contemplates the use of industry leading wind turbine generator technology that is estimated to produce approximately 247 GWh of power annually.
- On February 28, 2011, APUC announced the achievement of commercial operation of the 26.4 MW Phase I Red Lily Wind Project (“Red Lily I”) in south-eastern Saskatchewan. The project was completed ahead of schedule and is now successfully generating renewable power. APUC’s commitment in Red Lily I is structured as a debt investment with total returns to APUC being a combination of interest payments and fees for ongoing operation and supervision services to the facility. APUC retains an option to formally exchange its debt investment for a 75% equity interest in the entity which owns the facility.
- On March 3, 2011, APUC announced that the Board of Directors approved an annual dividend increase of $0.02 per common share for a total annual dividend of $0.26, paid quarterly at a rate of $0.065 per common share. APUC’s total shareholder return proposition is based on an attractive dividend coupled with capital appreciation. The dividend increase reflects APUC’s growing cash flows, solid earnings and attractive growth prospects.
- On March 21, 2011, APUC announced it executed an asset purchase agreement to acquire the Morse, Saskatchewan 20 MW wind energy development projects (“the Projects”). The Projects were selected by SaskPower for award of power purchase agreements in accordance with the SaskPower Green Options Partners Program in May 2010. The Projects will be developed by APCo and are expected to be completed in late 2013.
“We recorded a strong start to 2011 as a result of the positive impact of our value consolidation and growth initiatives that we undertook during 2009 and 2010”, commented Ian Robertson, Chief Executive Officer of APUC. “We look forward to continuing this momentum of growth in earnings, cash flow and capital appreciation in 2011 from our ongoing and successful business development initiatives.”
APUC will hold an earnings conference call at 9:00 a.m. eastern time on Friday, May 13, 2011, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
For addition information click here
Conference call details are as follows:
Date: Friday, May 13, 2011
Start Time: 9:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4433621
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 4433621# from May 13, 2011 until May 27, 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC’s water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve approximately 130,000 customers. Algonquin Power Co., APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
For Further Information:
Kelly Castledine
Algonquin Power & Utilities Corp.
2845 Bristol Circle, Oakville, Ontario, L6H 7H7
Telephone: (905) 465-4500
Website: www.AlgonquinPowerandUtilities.com
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC’s most recent annual report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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First Wind, Algonquin and Emera announce partnership involving First Wind’s Northeast projects
Boston, MA, Oakville, and Halifax , April 30, 2011
First Wind Holdings, LLC (First Wind), (TSX – AQN): Algonquin Power and Utilities Corp. (Algonquin) and (TSX – EMA) Emera Inc. (Emera) announced today that they have entered into an agreement to jointly construct, own and operate wind energy projects in the Northeast U.S.
First Wind has a 370 Megawatt (MW) portfolio of wind energy projects in the Northeast U.S. including five operating projects and two projects near operation. These assets will become part of an operating company of which First Wind will own 51%. Emera and Algonquin are entering into a separate joint venture (Northeast Wind), which will own 49% of the operating company. Emera will initially own 75% of Northeast Wind and Algonquin will own the balance. Northeast Wind will invest a total of $333 million to acquire the 49% ownership of the operating company. This includes a $150 million loan to the operating company. The loan will be e repaid within 5 years, or convert to equity in future projects.
First Wind will work with Algonquin and Emera to grow the operating company. In addition to its ownership interest in the operating company, First Wind will serve as its managing partner and will continue to operate the projects. First Wind will continue to develop Northeast projects and once these projects meet certain eligibility criteria they will transfer to the operating company.
“This is an excellent strategic partnership that brings together the region’s leading wind company with some of the region’s leading power and utilities companies. This partnership will help bring further growth of well-sited and well-run wind energy projects in the region in the future,” said Paul Gaynor, CEO of First Wind. “This agreement will support First Wind’s plans to grow and develop and invest in new projects in the Northeast and across the country.”
“This investment is an excellent means for Algonquin to partner with Emera and expand our reach into the New England renewable energy market with a strong portfolio of attractive wind projects,” stated Ian Robertson, CEO, Algonquin. “This transaction augments Algonquin’s growth strategy and affords us the opportunity to lever our expertise alongside the First Wind development team and expand our participation with Emera in the New England ISO electricity market.”
“This investment provides Emera and Algonquin with the opportunity to partner with the largest operator of wind assets in New England,” stated Chris Huskilson, President and CEO, Emera Inc. “This partnership brings together Algonquin’s renewable generation experience, Emera’s financial capacity and marketing experience with First Wind’s development expertise and is consistent with our renewables strategy in the region.”
Emera will finance the transaction through existing credit facilities subject to lender approval.
Algonquin’s financing plans include an agreement with Emera for Emera to acquire $37 million of subscription receipts in Algonquin at a price of $5.37 per share. This provides Emera with the opportunity to increase its ownership interest in Algonquin up to 25%, subject to Algonquin shareholder approval.
The transaction is expected to be immediately accretive to both Emera and Algonquin.
The transaction requires certain state and federal regulatory approvals, among others, and is expected to close by the end of the year.
The First Wind projects being transferred to the operating company are:
Maine projects:
- Mars Hill Wind, Mars Hill, ME (in commercial operation since 2007) – 42 MW
- Stetson Wind I, Danforth, ME (in commercial operation since 2009) – 57 MW
- Stetson Wind II, Danforth, ME (in commercial operation since 2010) – 26 MW
- Rollins Wind (in construction, expected completion July 2011) – 60 MW
Vermont Project:
- Sheffield Wind, Sheffield, VT (in construction, expected completion Oct. 2011) – 40 MW
New York Projects:
- Steel Winds I, Lackawanna, NY (in commercial operation since 2007) – 20 MW
- Cohocton Wind, Cohocton, NY (in commercial operation since 2009) – 125 MW
Analyst Call Information: Emera and Algonquin will hold an analyst call on Monday, May 2, 2011 at 10:00 am Eastern time jointly hosted by Algonquin Chief Executive Officer Ian Robertson and Emera Chief Executive Officer Chris Huskilson.
Conference call details are as follows:
Analysts and other interested parties wanting to participate in the call should dial 1-866-225-0198 (in Toronto 416-340-8061) at least 10 minutes prior to the start of the call. No pass code is required. The teleconference will be recorded. If you are unable to join the teleconference live, you can dial for playback toll-free at 1-800-408-3053 (in Toronto 905-694-9451), access code 8543255# (available until midnight, Monday May 16, 2011). The teleconference will also be web cast live at www.emera.com and available for playback for one year.
Cautionary Statement
This news release contains forward looking information. Actual future results may differ materially. Additional financial and operational information regarding Emera [and APUC] is filed electronically with various securities commissions in Canada through the System for Electronic Document Analysis and Retrieval (SEDAR).
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve approximately 130,000 customers. Algonquin Power Co., APUC's electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com and www.sedar.com.
About Emera Inc.
Emera Inc. is a growing energy and services company with $6.3 billion in assets and revenues of $1.6 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera operates throughout northeastern North America, in three Caribbean countries and in California. More than 80% of the company's earnings come from regulated investments. Emera common and preferred shares are listed on the Toronto Stock Exchange and trade under the symbols EMA and EMA.PR.A respectively. Additional information can be accessed at www.emera.com or www.sedar.com.
About First Wind
First Wind is an independent wind energy company exclusively focused on the development, financing, construction, ownership and operation of utility-scale wind projects in the United States. Based in Boston, First Wind has wind projects in the Northeast, the West and in Hawaii, with the capacity to generate up to 533 megawatts of power and projects under construction and construction-ready with the capacity to generate up to an additional 238 megawatts. For more information on First Wind, please visit www.firstwind.com or follow us on Twitter @FirstWind.
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Algonquin and Emera announce a Strategic Investment Agreement and the transfer of California Utility to Algonquin
Oakville, Ontario and Halifax, Nova Scotia April 29, 2011
(TSX – AQN): Algonquin Power and Utilities Corp (Algonquin) and (TSX – EMA) Emera Inc. (Emera) announced today that they have entered into a strategic investment agreement (The Agreement) which establishes how Algonquin and Emera will work together to pursue specific strategic investments of mutual benefit. The Agreement builds on the strategic partnership effectively established between the two companies in April 2009.
The Agreement outlines “areas of pursuit” for each of Algonquin and Emera. For Algonquin, these include investment opportunities relating to unregulated renewable generation, small electric utilities and gas distribution utilities. For Emera, these include investment opportunities related to regulated renewable projects within its service territories and large electric utilities. In respect of opportunities encountered by either Algonquin or Emera that fit within the other’s business development “areas of pursuit”, they are committed to working together on such opportunities.
Consistent with the framework established by the Agreement, Emera has agreed to sell its 49.999% direct ownership in the California Pacific Electric Company (“CalPeco”) to Algonquin, subject to California regulatory approval. As consideration Emera will receive 8.211 million Algonquin shares in two tranches. Approximately half of the shares will be issued following regulatory approval of the Calpeco ownership transfer and the balance of the shares will be issued following completion of Calpeco’s first rate case which is expected to be completed in the first half of 2012.
As an element of the Agreement, Emera’s allowed common equity interest in Algonquin will be increased from 15% to 25%. Algonquin will seek shareholder approval at its upcoming annual and special general meeting currently scheduled for June 21, 2011.
“This agreement provides clarity and transparency to a business relationship which has existed between Algonquin and Emera for the past two years and is intended to maximize shareholder value for both parties by capitalizing on our respective strengths,” commented Ian Robertson, Chief Executive Officer of Algonquin. “The acquisition by Algonquin of 100% of the CalPeco utility business is consistent with these themes and builds upon the successes achieved to date between Algonquin and Emera.”
“Emera and Algonquin have worked well together since 2009,” said Chris Huskilson, President and Chief Executive Officer, Emera Inc. “Given Algonquin’s successful independent power history and expertise, it makes good sense for Emera to focus its investments in the development, ownership and operation of unregulated renewable electric generating facilities through Algonquin."
Cautionary Statement
This news release contains forward looking information. Actual future results may differ materially. Additional financial and operational information regarding Emera and Algonquin is filed electronically with various securities commissions in Canada through the System for Electronic Document Analysis and Retrieval (SEDAR).
About Emera Inc.
Emera Inc. is a growing energy and services company with $6.3 billion in assets and revenues of $1.6 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera operates throughout northeastern North America, in three Caribbean countries and in California. More than 80% of the company's earnings come from regulated investments. Emera common and preferred shares are listed on the Toronto Stock Exchange and trade under the symbols EMA and EMA.PR.A respectively. Additional information can be accessed at www.emera.com, www.sedar.com or www.sec.gov.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC’s water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve approximately 130,000 customers. Algonquin Power Co., APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com and www.sedar.com.
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Algonquin Power & Utilities Corp. announces dates for 2011 first quarter financial results release and conference call
OAKVILLE, Ontario - April 20th, 2011
Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today announced plans to release 2011 first quarter financial results the afternoon of Thursday, May 12, 2011. APUC will hold an earnings conference call at 9:00 a.m. eastern time on Friday, May 13, 2011, hosted by Chief Executive Officer Ian Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, May 13, 2011
Start Time: 9:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3414.
Conference ID#: 4433621
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code 4433621# from May 13, 2011 until May 27, 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC’s water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve approximately 130,000 customers. Algonquin Power Co., APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
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Algonquin Power & Utilities Corp. Announces Acquisition of three Regulated Water Utility Systems by Liberty Water Co.
OAKVILLE, Ontario - April 19th, 2011 Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN), today announced that its wholly owned subsidiary Liberty Water Co. (“Liberty Water”) has entered into agreements to acquire three additional regulated water utility assets in the United States. These acquisitions, Louisiana Land and Water Co. (“LLW”), Noel Water Company (“Noel”), and KMB Utilities Company (“KMB”), will add approximately 7,400 customer connections to the Liberty Water family. Total consideration for the three acquisitions is US$8.3 million.
LLW, the largest of the three utilities serving approximately 6,000 customers near Monroe, LA, and KMB located in Missouri, both own and operate regulated water distribution and waste-water collection and treatment utility systems; Noel participates solely in the regulated water distribution utility business in Missouri.
LLW, Noel, and KMB are anticipated to have net regulatory assets for rate making purposes at closing of approximately US$6.5 million, US$0.7 million, and US$0.3 million respectively, representing a consolidated purchase price multiple of net regulatory assets of approximately 1.09x. With the consent of the Louisiana regulator, LLW will file a rate case promptly after closing of the acquisition with recent rate cases in Louisiana providing return on equity of approximately 9.5-11%. At the Missouri facilities, recent rate cases have provided return on equity of 9.5% and 11.3% for Noel and KMB respectively.
“The acquisition of these attractive water and waste-water utilities businesses represents the continuation of APUC’s regulated utility growth strategy and Liberty Water’s objective to acquire assets in states with supportive regulatory environments”, commented Chief Executive Officer Ian Robertson. “These facilities, which increase Liberty Water’s customer count by approximately 10%, will be able to benefit from operation and administration synergies with our other nearby facilities in Texas and Missouri.”
Closings of the acquisitions are subject to certain conditions including state regulatory approval, and are expected to occur in the fall of 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC’s water utility subsidiary, provides regulated water utility services to more than 73,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems and has entered into agreements to acquire additional utility systems serving 7,400 customers . Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve approximately 130,000 customers. Algonquin Power Co., APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at
www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. The company 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. Material risk factors include those set out in the management's discussion and analysis section of the company’s most recent annual report, quarterly report and the Annual Information Form. 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, the company undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces Redemption of Series 1A 7.5% Convertible Debentures
OAKVILLE, Ontario - April 7th, 2011 Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN), today announced that it has provided the holders of its Series 1A 7.5% convertible unsecured subordinated debentures due November 30, 2014 (“Debentures”) (TSX:AQN.DB) notice of its intention to redeem, effective May 16, 2011 (“Redemption Date”), all of the issued and outstanding Debentures.
“The issuance of APUC’s Series 1A debentures was completed in 2009 during a very turbulent time in the capital markets. In today’s market, APUC’s lower cost of capital means that converting these relatively high cost Debentures to equity represents an accretive transaction for APUC on both an earnings per share and cash flow per share basis.”, stated David Bronicheski, Chief Financial Officer of APUC. “Additionally, this conversion further strengthens APUC’s balance sheet consistent with our objective of lowering our cost of capital and maintaining a solid investment grade capital structure.”
The redemption will be effected in accordance with the terms and definitions of the trust indenture governing the Debentures. APUC will satisfy its obligation to pay holders of Debentures (“Debentureholders”) by issuing and delivering the number of freely tradeable APUC shares obtained by dividing the aggregate principal amount of Debentures, currently $62,397,050, by 95% of the current market price of APUC shares on the Redemption Date. Unpaid accrued interest on the Debentures will be paid in cash at the time of redemption.
Debentureholders who are not directly the registered holder of the Debentures should contact the financial institution, broker or other intermediary through which they hold their Debentures to discuss the receipt of their redemption proceeds.
ABOUT ALGONQUIN POWER & UTILITIES CORP.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC’s water utility subsidiary, provides regulated water utility services to more than 70,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a regulated electric distribution company, and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve approximately 130,000 customers in New Hampshire. Algonquin Power Co., APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC’s 2009 annual report and 2010 third quarter report, and APUC's Annual Information Form dated March 31, 2010. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces Acquisition of 20 MW of Wind Development in Saskatchewan
OAKVILLE, Ontario - March 21st, 2011
Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today announced it has executed an asset
purchase agreement (the “Agreement”) with Kineticor Renewables Inc. (“Kineticor”), to acquire
all of the assets related to two proposed adjacent 10 MW wind energy development projects
(the “Projects”) in Saskatchewan.
The Projects were selected by SaskPower for award of power purchase agreements in accordance with
the SaskPower Green Options Partners Program in May 2010. Upon SaskPower’s approval and execution
of the PPAs, Kineticor will assign the PPAs to Algonquin Power Co. (“APCo”), APUC’s electric
generation subsidiary. The Projects will be developed with support from Kineticor during the
development phase, which is expected to be completed in late 2013.
The total annual energy production for the Projects is estimated to be 75,000 MW-hrs. While
equipment selection and construction details remain to be finalized, it is expected that the
capital cost to construct the Projects will be approximately $55-$60 million, inclusive of
acquisition costs. The first year PPA rate is set at $101.98 per MW-hr for the first full
year of operations, which APCo expects to occur in 2014, with an annual escalation provision
of 2% over the expected 20 year term.
The Projects are to be constructed near Morse, Saskatchewan, approximately 180 km west of
Regina and 400 km west of the Phase I Red Lily Wind Project. It is contemplated that the
Projects will be situated on 1,120 acres of private lands, with additional land under lease
or option in order to facilitate future expansion of the Projects.
“We are very pleased that we are able to continue to grow our wind energy footprint in
the province of Saskatchewan with this latest acquisition”, commented Ian Robertson,
Chief Executive Officer of APUC. “Saskatchewan has one of the best wind regimes in
Canada which will once again contribute to our growing portfolio of successful wind
energy projects and reinforce our strategic focus on renewable energy investment.”
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio
of $1.1 billion of clean renewable electric generation and sustainable utility distribution
businesses in North America. Liberty Water Co., APUC’s water utility subsidiary, provides
regulated water utility services to more than 70,000 customers with a portfolio of 19 water
distribution and wastewater treatment utility systems. Through its wholly owned subsidiary
Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution
services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area.
Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to
acquiring Granite State Electric Company, a New Hampshire electric distribution company, and
EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together
serve approximately 130,000 customers. Algonquin Power Co., APUC’s electric generation subsidiary,
includes 45 renewable energy facilities and 12 thermal energy facilities representing more
than 460 MW of installed capacity. APUC and its operating subsidiaries deliver continuing
growth through an expanding pipeline of greenfield and expansion renewable power and clean
energy projects, organic growth within its regulated utilities and the pursuit of accretive
acquisition opportunities. APUC’s common shares and convertible debentures are traded on the
Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin
Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is
forward-looking within the meaning of certain securities laws, including
information and statements regarding prospective results of operations, financial
position or cash flows. 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. APUC 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.
Material risk factors include those set out in the management's discussion
and analysis section of APUC’s 2009 annual report and 2010 third quarter
report, and APUC's Annual Information Form dated March 31, 2010. 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, APUC undertakes no obligation to update any forward-looking
statements or information to reflect new information, subsequent or otherwise.
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Algonquin Power & Utilities Corp. Announces 2010 Fourth Quarter
and Year End Financial Results
OAKVILLE, Ontario – March 3, 2011 - Algonquin Power & Utilities
Corp. (TSX: AQN), today announced financial results for the fourth
quarter and year ended December 31, 2010. On October 27, 2009, Algonquin
Power Income Fund became a wholly owned subsidiary of Algonquin Power & Utilities
Corp. (collectively “APUC”), maintaining the same operations
and business activities, but under a new corporate structure. Year-over-year
results are compared to the results of Algonquin Power Income Fund
in the relevant period.
Fourth Quarter Financial Highlights:
•
For the fourth quarter of 2010, revenue was $48.9 million as compared
to $43.4 million in the fourth quarter of 2009. The increase in revenue
over 2009 is primarily the result of the acquisition of the Tinker
facility by Algonquin Power Co. (“APCo”) in Q1 2010 and
increases due to the results of rate case approvals for revenue increases
in Liberty Water Co. (“Liberty Water”).
•
Adjusted earnings before interest, taxes, depreciation, and amortization
(“Adjusted EBITDA”) was $20.7 million in the fourth quarter
of 2010 as compared to $18.0 million in the fourth quarter of 2009.
The increase in Adjusted EBITDA is primarily related to the acquisition
of the Tinker facility and increases due to the results of rate case
approvals for revenue increases in Liberty Water.
•
APUC reported net earnings in the fourth quarter of 2010 of $16.9
million or $0.18 per share as compared to a net loss of $1.4 million
or $0.03 per share for the fourth quarter of 2009. The increase is
primarily due to increased earnings from operating facilities and
increased recoveries of income tax expense.
•
Adjusted net earnings are utilized to report the net earnings of
APUC without the effects of gains or losses on foreign exchange,
foreign exchange forward contracts, and interest rate swaps as these
are primarily non-cash items that are not reflective of the performance
of the underlying business of APUC. APUC reported adjusted net earnings
of $18.0 million or $0.19 per share in Q4 2010 as compared to adjusted
net earnings of $11.5 million or $0.14 per share in Q4 2009.
2010 Financial Highlights:
•
For the year 2010, revenue was $182.9 million as compared to $187.3
million in 2009. The decrease in revenue over 2009 is primarily the
result of the impact of the stronger Canadian dollar, lower average
hydrology and wind resources and the impact of the outage at the
Energy-from-Waste facility.
•
Adjusted EBITDA was $75.1 million in 2010 as compared to $79.4 million
in 2009. The decrease in adjusted EBITDA is primarily related to
lower earnings from operations resulting from lower average hydrology
and wind resources and the impact of the outage at the Energy-from-Waste
facility.
•
For the year 2010, APUC reported net earnings of $19.6 million or
$0.21 per share as compared to $31.3 million or $0.39 per share for
the year 2009. The decrease in net earnings is due to increased interest
expense, reduced interest dividend and other income and lower earnings
from operating facilities.
•
APUC reported adjusted net earnings of $19.9 million or $0.21 per
share for 2010 as compared to adjusted net earnings of $30.5 million
or $0.38 per share in 2009. The decrease in adjusted net earnings
is due to increased interest expense, reduced interest dividend and
other income and lower earnings from operating facilities.
Fourth Quarter Performance, Operational, and Growth Highlights:
•
In the fourth quarter of 2010, APCo’s Maritime and Quebec regions
experienced resources significantly higher than long-term averages,
producing approximately 40% and 15% above long-term average resources,
respectively. The New York region experienced resources approximately
equal to the long-term average, while the Manitoba and New England
regions experienced resources approximately 10% below long-term averages.
The Ontario and Western regions continued to experience results significantly
below long-term average resources. While wind and hydrologic conditions
generally showed improvements during the fourth quarter, APUC was
impacted by the change in operating model at the Windsor Locks facility
and the stronger Canadian dollar.
•
During the fourth quarter, Liberty Water experienced revenue increases
in both its water distribution and wastewater treatment business
of 16.5% and 17.9% respectively. The increases are due to increased
customer demand and the implementation of rate increases at several
facilities. In addition, the acquisition of the Galveston facility
contributed to the increase in the wastewater treatment business.
During 2010, Liberty Water completed rate case proceedings at nine
utilities in Arizona and Texas which on an annualized basis will
contribute an additional $10.2 million of revenue. One remaining
rate case requesting $1.1 million in annual revenue requirement is
expected to be concluded by the first quarter of 2011.
•
On December 9, 2010, APUC announced that Liberty Energy Utilities
Co. (“Liberty Energy”), APUC’s regulated utility
subsidiary, entered into agreements to acquire all issued and outstanding
shares of Granite State Electric Company, a regulated electric utility,
and EnergyNorth Natural Gas Inc., a regulated natural gas utility,
for total consideration of US$285.0 million. Closings of the transactions
are subject to certain conditions including state and federal regulatory
approval, and are expected to occur in the fall of 2011.
•
On December 21st, 2010 APUC announced that Hydro-Québec Distribution
accepted proposals for the purchase of energy from the 24MW Saint-Damase
and 24MW Val-Éo wind power generating projects. The projects
were submitted with support from APUC in response to the community
based call for offers announced in the spring of 2009. Preliminary
permitting began for both projects in early 2011, with all major
authorizations targeted for completion by the end of 2012.
•
In late December 2010 both Liberty Water and Liberty Energy entered
into private placement debt financings. Liberty Water completed a
senior unsecured US$50 million private placement debt financing with
proceeds used to reduce outstanding indebtedness under APCo’s
senior credit facility; Liberty Energy entered into a senior unsecured
US$70 million private placement debt financing which proceeds were
used to partially finance the acquisition of the California Pacific
Electric Company. These financings improve the alignment of US dollar
denominated subsidiary debt with the respective operating assets.
•
Following the end of the fourth quarter, APCo was notified that the
Ontario Power Authority has agreed to enter into a power purchase
contract in respect of APCo’s 75MW Amherst Island wind project
located approximately 30km west of Kingston, Ontario.
“Our primary focus in 2010 was to deliver on the value consolidation
and committed growth initiatives outlined during the year”,
commented Ian Robertson, Chief Executive Officer of APUC. “We
are pleased with our success in completing these initiatives and
expect 2011 to enjoy the full year impact of these activities, notably
the completion of rate cases in Liberty Water and the closing of
the acquisition of the California Pacific Electric Company, which
marks a new but well aligned utility business for us. Looking forward,
2011 objectives include further growth in the Liberty Energy business
with the closing of the Granite State and EnergyNorth together with
additional in-scope utility acquisitions, and expansion of the APCo
business primarily through green-field development projects, evident
in our recent wind power contract awards in Quebec and Ontario. This
will be an active year for APUC and we look forward to communicating
our success as we successfully achieve our goals.”
APUC’s financial information and analysis are available here.
APUC will hold an earnings conference call at 9:00 a.m. eastern
time on Friday, March 4, 2011, hosted by Chief Executive Officer
Ian Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, March 4, 2011
Start Time: 9:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local
416-644-3415.
Conference ID#: 4403330
For those unable to attend the live call, a digital recording will
be available for replay two hours after the call by dialing 1-877-289-8525
or 416-640-1917 access code 4403330# from March 4, 2011 until March
18, 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates
a diversified portfolio of $1.1 billion of clean renewable electric
generation and sustainable utility distribution businesses in North
America. Liberty Water Co., APUC’s water utility subsidiary,
provides regulated water utility services to more than 70,000 customers
with a portfolio of 19 water distribution and wastewater treatment
utility systems. Through its wholly owned subsidiary Liberty Energy
Utilities Co., APUC provides regulated electricity and natural
gas distribution services, currently serving more than 47,000 electric
customers in the Lake Tahoe, CA area. Pursuant to previously announced
agreements, Liberty Energy Utilities Co. is committed to acquiring
Granite State Electric Company, a New Hampshire electric distribution
company, and EnergyNorth Natural Gas Inc., a regulated natural
gas distribution utility, which together serve approximately 130,000
customers. Algonquin Power Co., APUC’s electric generation
subsidiary, includes 45 renewable energy facilities and 12 thermal
energy facilities representing more than 460 MW of installed capacity.
APUC and its operating subsidiaries deliver continuing growth through
an expanding pipeline of greenfield and expansion renewable power
and clean energy projects, organic growth within its regulated
utilities and the pursuit of accretive acquisition opportunities.
APUC’s common shares and convertible debentures are traded
on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A
and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the
web at www.AlgonquinPowerandUtilities.com.
Contact:
Kelly Castledine
Telephone: (905) 465-4500
Algonquin Power & Utilities Corp.
2845 Bristol Circle
Oakville, Ontario L6H 7H7
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information
that is forward-looking within the meaning of certain securities
laws, including information and statements regarding prospective
results of operations, financial position or cash flows. 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.
APUC 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.
Material risk factors include those set out in the management's
discussion and analysis section of APUC’s most recent annual
report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking
statements or information to reflect new information, subsequent
or otherwise.
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Algonquin Power & Utilities Corp. Announces 8% Dividend Increase
OAKVILLE, Ontario – March 3, 2011 - Algonquin Power & Utilities
Corp. (“APUC”) (TSX: AQN), today announced that the Board
of Directors of APUC approved an annual dividend increase of $0.02
per common share for a total annual dividend of $0.26, paid quarterly
at a rate of $0.065 per common share.
APUC also announced today that its Directors have declared a dividend
on its shares. The dividend is $0.065 per share payable on April
15, 2011 to the shareholders of record on March 31, 2011 for the
period from January 1, 2011 to March 31, 2011.
"2010 was a year of value consolidation for APUC with achievements
in our growth program, including a large hydroelectric acquisition
in our power business, resolution of nine water utility rate cases
for Liberty Water, the commissioning of Phase I Red Lily wind project,
the completion of Liberty Energy’s acquisition of our California
electricity distribution utility and execution of agreements to acquire
a significant follow-on electricity distribution utility and a natural
gas utility”, commented Ian Robertson, Chief Executive Officer
of APUC. “Our total shareholder return proposition is based
on our attractive dividend coupled with capital appreciation arising
from dividend growth and we believe this dividend increase to be
reflective of our confidence in APUC’s growing cash flows,
solid earnings and attractive growth prospects.”
For Canadian resident shareholders, dividends declared are considered
as “eligible dividends” for purposes of the dividend
tax credit rules contained in the Income Tax Act (Canada).
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates
a diversified portfolio of $1.1 billion of clean renewable electric
generation and sustainable utility distribution businesses in North
America. Liberty Water Co., APUC’s water utility subsidiary,
provides regulated water utility services to more than 70,000 customers
with a portfolio of 19 water distribution and wastewater treatment
utility systems. Through its wholly owned subsidiary Liberty Energy
Utilities Co., APUC provides regulated electricity and natural
gas distribution services, currently serving more than 47,000 electric
customers in the Lake Tahoe, CA area. Pursuant to previously announced
agreements, Liberty Energy Utilities Co. is committed to acquiring
Granite State Electric Company, a New Hampshire electric distribution
company, and EnergyNorth Natural Gas Inc., a regulated natural
gas distribution utility, which together serve approximately 130,000
customers. Algonquin Power Co., APUC’s electric generation
subsidiary, includes 45 renewable energy facilities and 12 thermal
energy facilities representing more than 460 MW of installed capacity.
APUC and its operating subsidiaries deliver continuing growth through
an expanding pipeline of greenfield and expansion renewable power
and clean energy projects, organic growth within its regulated
utilities and the pursuit of accretive acquisition opportunities.
APUC’s common shares and convertible debentures are traded
on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A
and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the
web at www.AlgonquinPowerandUtilities.com.
Contact:
Kelly Castledine
Telephone: (905) 465-4500
Algonquin Power & Utilities Corp.
2845 Bristol Circle
Oakville, Ontario L6H 7H7
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information
that is forward-looking within the meaning of certain securities
laws, including information and statements regarding prospective
results of operations, financial position or cash flows. 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.
APUC 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.
Material risk factors include those set out in the management's
discussion and analysis section of APUC’s most recent annual
report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking
statements or information to reflect new information, subsequent
or otherwise.
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Algonquin Power & Utilities Corp. Announces Commercial Operation of Phase I Red Lily Wind Project
OAKVILLE, Ontario - February 28th, 2011
Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today announced the achievement of commercial operation (“Commercial Operation”) of the 26.4 MW Phase I Red Lily Wind Project (“Red Lily I”) in south-eastern Saskatchewan pursuant to the Power Purchase Agreement (“PPA”) with SaskPower. The project was completed ahead of schedule and is now successfully generating renewable power.
Red Lily I consists of 16 Vestas V82 wind turbine generators. The total capital cost of the facility was approximately $69 million. Red Lily I enjoys an excellent wind resource, which under the power purchase agreement with SaskPower is expected to generate 2011 revenues of $7.5 million and full year 2012 revenues of $8 million. The power purchase agreement with SaskPower is for a 25 year term, with an annual inflation adjustment applied throughout the term.
APUC’s electrical generation subsidiary Algonquin Power Co. (“APCo”) provided services related to the development and construction of the facility and will continue providing ongoing operation and supervision services to the facility.
APUC’s commitment in Red Lily I has been structured initially as a debt investment with total returns to APUC being a combination of interest payments and fees. APUC retains an option to formally exchange its debt investment for a 75% equity interest in the entity which owns the facility in 2016.
“We are pleased that our contribution and significance in the Canadian clean, renewable energy business continues to grow with our investment in the Province of Saskatchewan”, commented Ian Robertson, Chief Executive Officer of APUC. “The successful completion of Red Lily I reinforces APUC’s strategic focus on growth through the investment in, and development of green-field renewable power projects, and underpins the targeted growth in cash-flow from our power business.”
In addition to Red Lily I, additional land rights have been secured for a second phase of the project, which, should it proceed, would provide an additional 106 MW of generating capacity.
Prior to APCo assuming development and construction responsibility, Red Lily I was originated by Gaia Power Inc.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC’s water utility subsidiary, provides regulated water utility services to more than 70,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve approximately 130,000 customers. Algonquin Power Co., APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 14 thermal energy facilities representing more than 480 MW of installed capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of APUC’s most recent annual report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
Top of Page |
Algonquin Power & Utilities Corp. Announces Power Purchase Contract Award for Amherst Island Wind Project
OAKVILLE, Ontario - February 25th, 2011
Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) announced today that Ontario Power Authority (“OPA”) has awarded a contract to the
wholly owned 75 MW Amherst Island Wind Project, located on Amherst Island in the village of Stella, approximately 25 kilometers southwest
of Kingston, Ontario. The contract has been awarded as part of the second round of the OPA’s Feed-in Tariff program.
The project, which will be developed by Algonquin Power Co. (“APCo”), APUC’s electric generation subsidiary, is currently contemplated to use
industry leading wind turbine generator technology that is estimated to produce between approximately 247 GWh of power annually.
Funding of the project will be arranged and announced when all required permitting and all other pre-construction conditions have been satisfied.
The submission of the renewable energy application is targeted for the summer of 2012. Construction will commence shortly following
the approval of the application and is expected to take 12 months.
“We are very pleased to begin extending our renewable power portfolio in Ontario with the award of the Amherst Island Wind Project
contract”, commented Ian Robertson, Chief Executive Officer of APUC. “This is an important milestone in the development of the
project and exemplifies OPA’s industry leading approach to renewable energy. We have a strong track record of working closely
with our community stakeholders and look forward to contributing to the local benefits of wind energy.”
The Amherst Island Wind Project was originated by Gaia Power Inc.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable
electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC’s water utility
subsidiary, provides regulated water utility services to more than 70,000 customers with a portfolio of 19 water distribution
and wastewater treatment utility systems. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides
regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the
Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring
Granite State Electric Company, a New Hampshire electric distribution company, and EnergyNorth Natural Gas Inc., a
regulated natural gas distribution utility, which together serve approximately 130,000 customers. Algonquin Power Co.,
APUC’s electric generation subsidiary, includes 45 renewable energy facilities and 13 thermal energy facilities representing
more than 460 MW of installed capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding
pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated
utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares and convertible debentures are
traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power &
Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of
certain securities laws, including information and statements regarding prospective results of operations, financial
position or cash flows. 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. APUC 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. Material risk factors include those set out in the management's discussion and analysis section of
APUC’s most recent annual report, quarterly report, and APUC's Annual Information Form. 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, APUC undertakes no obligation to update any forward-looking statements or
information to reflect new information, subsequent or otherwise.
Top of Page |
Correction from Source - Algonquin Power & Utilities Corp. announces dates for 2010 fourth quarter and year end financial results release and conference call
OAKVILLE, Ontario - February 8th, 2011 A correction
to the press release disseminated on February 4, 2011 has been issued.
The scheduled start time for the 2010 fourth quarter and year end
financial results conference call is 9:00 a.m. eastern time. The
corrected release
reads as follows:
Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today announced plans to release 2010 fourth quarter and year end financial results
the afternoon of Thursday, March 3, 2011. APUC will hold an earnings conference call at 9:00 a.m. eastern time on Friday, March 4, 2011,
hosted by Chief Executive Officer Ian Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, March 4, 2011
Start Time: 9:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3415.
Conference ID#:4403330
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing
1-877-289-8525 or 416-640-1917 access code 4403330# from March 4, 2011 until March 18, 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1
billion of clean renewable electric generation and sustainable utility distribution businesses in North
America. Liberty Water Co., APUC’s water utility subsidiary, provides regulated water utility services
to more than 70,000 customers with a portfolio of 19 water distribution and wastewater treatment utility
systems. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated
electricity and natural gas distribution services, currently serving more than 47,000 electric customers
in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co.
is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company,
and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve
approximately 130,000 customers. Algonquin Power Co., APUC’s electric generation subsidiary, includes 45
renewable energy facilities and 14 thermal energy facilities representing more than 480 MW of installed
capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of
greenfield and expansion renewable power and clean energy projects, organic growth within its regulated
utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares and convertible
debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B.
Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Top of Page |
Algonquin Power & Utilities Corp. announces dates for 2010 fourth quarter and year end financial results release and conference call
OAKVILLE, Ontario - February 4th, 2011 A correction
to the press release disseminated on February 4, 2011 has been issued.
The scheduled start time for the 2010 fourth quarter and year end
financial results conference call is 9:00 a.m. eastern time. The
corrected release
reads as follows:
Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today announced plans to release 2010 fourth quarter and year end financial results
the afternoon of Thursday, March 3, 2011. APUC will hold an earnings conference call at 9:00 a.m. eastern time on Friday, March 4, 2011,
hosted by Chief Executive Officer Ian Robertson and Chief Financial Officer David Bronicheski.
Conference call details are as follows:
Date: Friday, March 4, 2011
Start Time: 9:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 416-644-3415.
Conference ID#:4403330
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing
1-877-289-8525 or 416-640-1917 access code 4403330# from March 4, 2011 until March 18, 2011.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1
billion of clean renewable electric generation and sustainable utility distribution businesses in North
America. Liberty Water Co., APUC’s water utility subsidiary, provides regulated water utility services
to more than 70,000 customers with a portfolio of 19 water distribution and wastewater treatment utility
systems. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated
electricity and natural gas distribution services, currently serving more than 47,000 electric customers
in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co.
is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company,
and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve
approximately 130,000 customers. Algonquin Power Co., APUC’s electric generation subsidiary, includes 45
renewable energy facilities and 14 thermal energy facilities representing more than 480 MW of installed
capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of
greenfield and expansion renewable power and clean energy projects, organic growth within its regulated
utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares and convertible
debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B.
Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Top of Page |
Algonquin Power & Utilities Corp. Announces Renewal of Credit Facility for Three Year Term
OAKVILLE, Ontario - January 14th, 2011
Algonquin Power & Utilities Corp. (“APUC”) (TSX: AQN) today announced that it has received commitments
with a syndicate of banks for a new Algonquin Power Co. $142 million senior secured revolving credit
Facility (“Facility”) with a three year term. The Facility syndicate is being led by National Bank
of Canada. The other syndicate members are The Toronto-Dominion Bank, Bank of Montreal, and Canadian
Imperial Bank of Commerce.
"The renewal of this credit facility is a major element of our capital structure to support our operations
and to maintain a strong, investment grade capital structure”, commented David Bronicheski, Chief Financial
Officer. “Our recent debt financing announcements, including the renewal of this Facility, demonstrate the
strong support APUC has in the debt capital markets for our business plans and growth initiatives.”
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion
of clean renewable electric generation and sustainable utility distribution businesses in North America.
Liberty Water Co., APUC’s water utility subsidiary, provides regulated water utility services to more than
70,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems.
Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity
and natural gas distribution services, currently serving more than 47,000 electric customers in the
Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is
committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company,
and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve
approximately 130,000 customers. Algonquin Power Co., APUC’s electric generation subsidiary, includes
45 renewable energy facilities and 14 thermal energy facilities representing more than 480 MW of
installed capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding
pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within
its regulated utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares
and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB,
AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the
meaning of certain securities laws, including information and statements regarding prospective results
of operations, financial position or cash flows. 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. APUC 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. Material
risk factors include those set out in the management's discussion and analysis section of APUC’s 2009
annual report and 2010 third quarter report, and APUC's Annual Information Form dated March 31, 2010.
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, APUC undertakes no obligation to
update any forward-looking statements or information to reflect new information, subsequent or otherwise.
Top of Page |
Emera Incorporated and Algonquin Power & Utilities Corp. Announce Closing of California Pacific Electric Company Transaction
HALIFAX and OAKVILLE, Ontario - January 1st, 2011
(EMA-TSX, AQN-TSX): Emera Incorporated (“Emera”) and Algonquin Power & Utilities Corp. (“APUC”)
announced that effective today they are closing their acquisition of the California-based electricity
distribution and related generation assets of NV Energy, Inc.. Total consideration for this transaction
is $131,789,563 USD, subject to final adjustments. Emera and APUC own and operate these assets
through a newly formed utility company, California Pacific Electric Company, LLC. Also, as an
element of the transaction, Emera has now exchanged certain previously announced subscription
receipts into 8.523 million APUC common shares.
Forward-looking information
Securities regulators encourage companies to disclose forward-looking information to help investors
understand a company’s future prospects. This press release contains statements about our future
financial condition, results of operations and business.
These are “forward-looking” because we have used what we know and expect today to make a statement
about the future. Forward-looking statements usually include words such as may, expect, anticipate,
believe or other similar words. We believe the expectations reflected in these forward-looking
statements are reasonable. However, actual events and results could be substantially different
because of the risks and uncertainties associated with our business or events that happen after
the date of this press release. You should not place undue reliance on forward-looking statements.
As a general policy, we do not update forward-looking statements except as required by securities
laws and regulations.
About Emera Incorporated
(EMA and EMA.PR.A -TSX) is an energy and services company with $5.8 billion Canadian dollars in
assets. Electricity is Emera's core business. Approximately 94% of Emera's revenues are earned
by Nova Scotia Power Inc (NSPI), Bangor Hydro Electric Company (BHE) and the Brunswick Pipeline.
NSPI and BHE are wholly-owned regulated electric utilities which together serve 603,000 customers.
The Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera also owns Maine and
Maritimes Corporation, the parent company of Maine Public Service Company, a regulated electric
utility serving approximately 36,000 electricity customers in Northern Maine and MAM Services
Group. In the Caribbean, Emera owns 19% of St. Lucia Electricity Services Limited, which serves
more than 50,000 customers on the island of St. Lucia, 80.4% of Grand Bahama Power Company which
serves 19,000 customers on the island of Grand Bahama and 38% of Light & Power Holdings, which
serves 120,000 customers on the island of Barbados through its regulated electric utility, The
Barbados Light and Power Company. In addition to its electric utility investments, Emera owns
Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick; Emera Energy
Services, a physical natural gas and power marketing and asset management business; a joint
venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in
northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; and an
8.2% interest in Open Hydro.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio
of $1.1 billion of clean renewable electric generation and sustainable utility distribution
businesses in North America. Liberty Water Co., APUC’s water utility subsidiary, provides
regulated water utility services to more than 70,000 customers with a portfolio of 19 water
distribution and wastewater treatment utility systems. Through its wholly owned subsidiary
Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution
services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area.
Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to
acquiring Granite State Electric Company, a New Hampshire electric distribution company,
and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which
together serve approximately 130,000 customers. Algonquin Power Co., APUC’s electric
generation subsidiary, includes 45 renewable energy facilities and 14 thermal energy
facilities representing more than 480 MW of installed capacity. APUC and its operating
subsidiaries deliver continuing growth through an expanding pipeline of greenfield and
expansion renewable power and clean energy projects, organic growth within its regulated
utilities and the pursuit of accretive acquisition opportunities. APUC’s common shares
and convertible debentures are traded on the Toronto Stock Exchange under the symbols
AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web
at www.AlgonquinPowerandUtilities.com.
Top of Page |
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© Copyright Algonquin Power & Utilities Corp. 2003 - 2011
Algonquin Power & Utilities Corp. 2845, Bristol Circle, Oakville, ON Canada,
L6H 7H7
Tel: 905.465.4500 Fax: 905. 465.4514
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