Algonquin Power Utilities to Sell Renewable Energy Business
Company to divest all operations except hydropower
Sale to LS Power expected to net up to $2.5 billion
Algonquin Power Utilities Corp. (AQN) announced on Friday that it has entered into an agreement to sell its renewable energy business, excluding hydropower operations, to a subsidiary of LS Power for a total purchase price of up to $2.5 billion.
The sale is expected to close in the fourth quarter of 2024 and is subject to customary closing conditions, including regulatory approvals. Algonquin Power will retain ownership and operation of its hydroelectric generation facilities.
The renewable energy business being sold includes 2.4 gigawatts of operating wind and solar power generation facilities, as well as a development pipeline of 2.3 gigawatts of wind, solar, and battery storage projects.
LS Power is a leading development, investment, and operating company focused on the North American power sector. It has a portfolio of more than 30,000 megawatts of generation capacity, including renewable energy, fossil fuel, and nuclear power.
The sale of the renewable energy business is part of Algonquin Power's strategy to focus on its core businesses of regulated utilities and renewable energy generation and distribution.
Comments