OAKVILLE, ON, Nov. 27, 2018 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that it
has completed the previously announced purchase of an additional
stake in Atlantica Yield plc (NASDAQ: AY) ("Atlantica") from
Abengoa S.A., for a purchase price of approximately
U.S.$345 million. The purchase price is comprised of
approximately U.S.$305 million paid
on closing, with up to U.S.$40
million payable at a later date contingent on satisfaction
of certain conditions. The purchase of the additional
stake of 16.503 million shares brings APUC's total interest in
Atlantica to approximately 41.5% of the shares outstanding and
entitles a subsidiary of APUC to receive Atlantica's upcoming
quarterly dividend of U.S.$0.36 per
share, payable on December 14,
2018.
Atlantica owns and operates a diverse, long-term contracted
portfolio of 22 infrastructure assets including over 1.7 GW of
clean power generating capacity, 1,099 miles of electric
transmission lines, and two desalination plants, located in
North America, South America and other selected global
markets. Atlantica's portfolio is complementary to APUC's
existing operations, and APUC's commitment to international
expansion is expected to strengthen Atlantica's prospects through
the addition of new assets, thereby accelerating the growth of its
cash available for distribution.
"We are pleased to have completed this transaction as an element
of our international expansion strategy," said Ian Robertson, Chief Executive Officer of
APUC. "This incremental investment in Atlantica deepens our
interest in an attractively-priced portfolio of high quality,
international operating assets, one which is accretive to APUC's
earnings."
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution
utility with approximately U.S.$9
billion of total assets. Through two business groups, APUC
provides rate regulated natural gas, water, and electricity
generation, transmission, and distribution utility services to over
760,000 connections in the United
States, and is committed to being a global leader in the
generation of clean energy through its portfolio of long term
contracted wind, solar and hydroelectric generating facilities
representing approximately 1.7 GW of installed capacity. With a
team of over 2,300 talented employees, APUC delivers continuing
growth through an expanding pipeline of renewable energy
development projects, organic growth within its rate regulated
generation, distribution and transmission businesses, and the
pursuit of accretive acquisitions. Common shares and preferred
shares are traded on the Toronto Stock Exchange under the symbols
AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series
A subordinated notes are also listed on the New York Stock Exchange
under the symbols AQN and AQNA.
Visit APUC at www.AlgonquinPowerandUtilities.com and
follow us on Twitter @AQN_Utilities.
Forward-Looking Statements
Certain statements included in this news release contain
information that is forward-looking within the meaning of certain
applicable securities laws, including information and statements
regarding expected benefits from the transactions. 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 that could cause
actual results to differ include those set out in APUC's most
recent Annual Information Form filed with Canadian securities
regulators and with the United States Securities and Exchange
Commission as an exhibit to APUC's annual report on Form 40-F, and
those set out in APUC's most recent management discussion and
analysis. 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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SOURCE Algonquin Power & Utilities Corp.