Algonquin Power Sells Stakes in Canada, U.S. Wind Projects
03 October 2022 - 10:54PM
Dow Jones News
By Adriano Marchese
Algonquin Power & Utilities Corp. said it agreed to sell
ownership interests in a portfolio of operating wind projects in
Canada and the U.S. to international infrastructure investment
manager InfraRed Capital Partners.
The Canadian renewable energy and regulated utility conglomerate
said Monday that it will sell a 49% ownership interest in three
operating wind facilities in the U.S. with a total of 551 megawatt
of installed capacity and sell an 80% ownership stake in a 175
megawatt operating wind facility in Canada.
Algonquin Power expects to receive about $277 million for its
U.S. facilities and around 107 million Canadian dollars, the
equivalent of US$77.4 million, for the Canadian facility.
Algonquin Power said it will continue to oversee day-to-day
operations, while providing management services to the facilities
in both countries.
The purchaser, InfraRed Capital Partners, is part of SLC
Management, the institutional alternatives and traditional asset
management business of Sun Life Financial Inc.
The transaction is expected to close in the fourth quarter of
this year.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 03, 2022 07:39 ET (11:39 GMT)
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