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Algonquin Power & Utilities Corp. reports developments for a diversified international generation, transmission and distribution utility operating through Liberty. The company’s updates center on regulated electric, natural gas, water distribution and wastewater systems, along with Canadian hydroelectric generation assets retained outside the sale of its renewable energy business.
Recurring news themes include quarterly and annual financial results, utility rate-case proceedings, regulated capital plans, cost and operating discipline, common and preferred share dividends, debt reduction, and executive leadership changes. Coverage also reflects the company’s strategic focus on electric, gas and water regulated utility operations across its principal North American markets.
American Electric Power (Nasdaq: AEP) has agreed to sell its Kentucky operations, which include Kentucky Power and AEP Kentucky Transco, to Liberty, a subsidiary of Algonquin Power & Utilities Corp. (NYSE: AQN), for an enterprise value of $2.846 billion. The deal is expected to close in Q2 2022, pending regulatory approvals. AEP anticipates net cash proceeds of approximately $1.45 billion after taxes and fees, which will reduce equity needs for 2022. The sale is estimated to add $0.01-$0.02 to ongoing earnings in 2022.
Algonquin Power & Utilities Corp. (AQN) will release its third quarter 2021 financial results on November 11, 2021, after market close. A conference call led by CEO Arun Banskota and CFO Arthur Kacprzak will be held on November 12, 2021, at 10:00 a.m. ET. As a diversified utility, Algonquin serves over one million customers primarily in the U.S. and Canada, with total assets exceeding $16 billion and over 4 GW of installed renewable energy capacity.
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Algonquin Power & Utilities Corp. (AQN) has declared a common share dividend of US$0.1706 payable on October 15, 2021. Shareholders on record by September 30, 2021 will receive this dividend, which covers the period from July 1 to September 30, 2021. Preferred Share dividends include C$0.32263 for Series A and C$0.31819 for Series D, payable on September 30, 2021. Shareholders can choose their dividend currency, receiving either U.S. dollars or the Canadian dollar equivalent.
Algonquin Power & Utilities Corp. (AQN) reported a robust financial performance for Q2 2021, achieving $527.5 million in revenue, a 54% increase year-over-year. Adjusted EBITDA rose 39% to $244.9 million, while adjusted net earnings surged 93% to $91.7 million. The company has successfully completed its Midwest 'greening the fleet' initiative and added 1,400 MW of renewable energy capacity since August 2020. AQN also issued $1.15 billion in Green Equity Units, enhancing its balance sheet.
Algonquin Power & Utilities Corp. (AQN) will release its second-quarter 2021 financial results on August 12, 2021, after market close. A conference call will be held on August 13, 2021, at 10:00 a.m. ET, led by CEO Arun Banskota and CFO Arthur Kacprzak. AQN is a diversified utility company with approximately $15 billion in total assets, committed to offering safe and sustainable energy solutions. The company operates over 3 GW of renewable energy capacity and emphasizes growth through renewable projects and acquisitions.
Algonquin Power & Utilities Corp. (AQN) has priced its upsized public offering of 20 million equity units, generating gross proceeds of $1 billion. The Offering is set to close on or about June 23, 2021, pending customary conditions. The equity units, priced at $50 each, will provide total annual distributions at a rate of 7.75%. The net proceeds, estimated at $976 million (or $1.12 billion if the underwriter's option is fully exercised), will finance renewable energy projects, aligning with AQN's commitment to sustainability.
Algonquin Power & Utilities Corp. (AQN) announced a public offering of equity units totaling up to $900 million, pending market conditions. The offering includes an option for underwriters to acquire an additional 15% of equity units. Proceeds will fund renewable energy projects, supporting AQN's commitment to sustainable solutions. Each equity unit, priced at $50, consists of a contract to purchase common shares and a 5% interest in the company's senior notes. Listing on the NYSE is anticipated within 30 days following issuance.
Algonquin Power & Utilities Corp. (AQN) held its virtual annual meeting on June 3, 2021, where all proposed director nominees were elected for the upcoming year. Key voting results showed significant shareholder support, with Arun Banskota receiving 99.81% approval. Shareholders also re-appointed Ernst & Young LLP as auditors and endorsed the company’s executive compensation approach. AQN, with approximately $15 billion in assets, focuses on sustainable energy solutions and operates over 3 GW of renewable generation capacity.
Algonquin Power & Utilities Corp. (AQN) reported strong financial results for Q1 2021, with revenues increasing by 36% to $634.5 million and adjusted EBITDA up by 17% to $282.9 million. The company also announced a 10% increase in its annual common share dividend to $0.6824 per share. Key achievements include the completion of substantial renewable energy projects and the integration of recent utility acquisitions. Overall, adjusted net earnings rose by 21% year-over-year, signaling robust operational growth.