Algonquin Energy & Utilities Corp. (AQN), the father or mother firm of Liberty, a diversified worldwide era, transmission, and distribution utility, has bought its non-regulated renewable vitality enterprise to an LS Energy unit. AQN mentioned in a media launch the sale didn’t embrace its hydro fleet.
“We’re happy with the well timed and profitable completion of the sale of our renewable vitality enterprise”, Chris Huskilson, Chief Govt Officer of AQN, mentioned. “This transaction, coupled with the latest sale of our 42.2 % possession stake in Atlantica Sustainable Infrastructure plc on December 12, 2024, achieves a pivotal step in our journey to rework AQN right into a pure-play regulated utility with decreased complexity. Although there’s nonetheless work to be executed, passing this milestone ought to allow a higher deal with growing the tempo of this transition”.
The sale was agreed on August 9, 2024, for a complete consideration of as much as $2.5 billion excluding debt, consisting of $2.28 billion of money at closing and as much as $220 million of money pursuant to an earn-out settlement regarding sure wind property.
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AQN mentioned it intends to make use of the web proceeds from the transaction to pay down current debt and strengthen its steadiness sheet.
J.P. Morgan served as its unique monetary advisor for the transaction, whereas Gibson, Dunn & Crutcher LLP and Blake, Cassels & Graydon LLP served as authorized advisors.
To contact the writer, electronic mail andreson.n.paul@gmail.com
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