Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) (“AQN” or the “Company”) announced today it has completed the sale of its non-regulated renewable energy business (excluding the Company’s hydro fleet) to a wholly owned subsidiary of LS Power.
“We are pleased with the timely and successful completion of the sale of our renewable energy business,” said Chris Huskilson, Chief Executive Officer of AQN. “This transaction, coupled with the recent sale of our 42.2% ownership stake in Atlantica Sustainable Infrastructure plc on December 12, 2024, achieves a pivotal step in our journey to transform AQN into a pure-play regulated utility with reduced complexity. Though there is still work to be done, passing this milestone should enable a greater focus on increasing the pace of this transition.”
AQN intends to use the net proceeds from the transaction to pay down existing debt and strengthen its balance sheet.
J.P. Morgan served as the exclusive financial advisor to AQN in connection with the transaction. Gibson, Dunn & Crutcher LLP and Blake, Cassels & Graydon LLP served as legal advisors.