Acquisition of 25th regulated
utility since 2009 further positions the company for
growth
Highlights:
- Acquisition continues expansion of APUC's regulated
natural gas distribution footprint and marks its
first utility operation in New York
State
- Commitment to maintain local employment and the continued
safe, reliable natural gas distribution to over 16,000
customers
- Established shareholder-funded Carbon Reduction Initiative
to increase accessibility to natural gas in northern New York State
OAKVILLE, ON, Nov. 1, 2019 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC" or the "Company") (TSX/NYSE: AQN)
today announced that its subsidiary Liberty Utilities Co., APUC's
wholly-owned regulated utility business, successfully completed its
acquisition of Enbridge St. Lawrence Gas from Enbridge Gas Inc., a
subsidiary of Enbridge Inc. (TSX/NYSE: ENB) (the "Transaction").
Enbridge St. Lawrence Gas is a regulated utility that provides
natural gas to over 16,000 customers in 23 communities across
northern New York State, and
operates approximately 688 miles of natural gas distribution
pipeline.
"We are pleased to welcome the employees and customers of St.
Lawrence Gas to the Liberty Utilities family," said Ian Robertson, Chief Executive Officer of APUC.
"St. Lawrence Gas represents a new avenue for future investment as
we look forward to serving the area with clean, affordable natural
gas for their homes and businesses."
APUC looks forward to providing increased access to natural gas
in northern New York State service
territories, in particular the expansion areas of St. Lawrence and Franklin Counties. The Company also plans to
make access more readily available to residents and small
businesses through a shareholder-funded Carbon Reduction
Initiative. The fund will be used to off-set the customer cost to
convert to natural gas from oil or propane, as well as for energy
efficiency improvements.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and
distribution utility with approximately U.S. $10 billion of total assets. Through its two
business groups, APUC is committed to providing safe, reliable and
cost effective rate-regulated natural gas, water, and electricity
generation, transmission and distribution utility services to
nearly 800,000 connections in the United
States and Canada, and is a
global leader in renewable energy through its portfolio of
long-term contracted wind, solar and hydroelectric generating
facilities representing over 2.5 GW of net installed capacity and
more than 500 MW of incremental renewable energy capacity under
construction. APUC delivers continuing growth through an
expanding global pipeline of renewable energy, electric
transmission, and water infrastructure development projects,
organic growth within its rate-regulated generation, distribution
and transmission businesses, and the pursuit of accretive
acquisitions. APUC's common shares, Series A preferred shares, and
Series D preferred shares are listed on the Toronto Stock Exchange
under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common
shares, Series 2018-A subordinated notes and Series 2019-A
subordinated notes are listed on the New York Stock Exchange under
the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and
follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain
information that is forward-looking within the meaning of certain
securities laws, including information and statements regarding the
continuation and expansion of access to natural gas in northern
New York State, the planned Carbon
Reduction Initiative and the anticipated use of funds from such
initiative. 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 include
those set out in the management's discussion and analysis section
of APUC's most recent annual report, quarterly report, and APUC's
Annual Information Form. 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.