Algonquin Power Completes Sale of Its Renewable Energy Business

Zacks01-09 20:43

Algonquin Power & Utilities Corporation AQN announced that it has completed the sale of its non-regulated renewable energy business to a wholly owned subsidiary of LS Power for a total consideration ...

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This deal excludes Algonquin Power’s hydro fleet.The renewables business is comprised largely of wind and solar assets located throughout the United States and Canada, including 44 operating assets with more than 3,000 megawatts  of generating capacity and an 8,000 MW pipeline of wind, solar, battery energy storage and renewable natural gas projects in various stages of development.Nearly 2,700 MW of the portfolio’s assets are located in the United States, with the remaining 300 MW in Canada.In the past month, shares of the company have lost 6.7% compared with the industry’s 6.6% decline.Algonquin Power & Utilities Corp.  : Free Stock Analysis Report","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1883839398.USD":"AMUNDI FUNDS INCOME OPPORTUNITIES \"A2\" (USD) ACC","LU2637428348.USD":"NORDEA 1 GLOBAL SUSTAINABLE LISTED REAL ASSETS \"MP\" (USD) INC","PW":"Power REIT","IDA":"IDACORP Inc","BK4234":"特殊用途房地产信托","IE00BMG7P587.USD":"LEGG MASON CLEARBRIDGE GLOBAL INFRASTRUCTURE INCOM \"A\" (USD) INC","IE00BMQBXF63.USD":"BNY MELLON GLOBAL INFRASTRUCTURE INCOME \"B\" (USD) INC A","IE00BMG7P819.SGD":"Legg Mason ClearBridge - Global Infrastructure Income A Mdis SGD-H Plus","IE00BMG7P926.USD":"Legg Mason ClearBridge - Global Infrastructure Income A Acc USD","BK4585":"ETF&股票定投概念","ES":"Eversource Energy","IE00B29SXL02.USD":"FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE \"I\" (USD) INC","IE00BMG7P694.USD":"Legg Mason ClearBridge - Global Infrastructure Income A Mdis USD Plus","IE00B29SXK94.USD":"FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE \"I\" (USD) ACC","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","AQN":"Algonquin Power & Utilities Corp","IE00BZ18W340.USD":"BNY MELLON GLOBAL INFRASTRUCTURE INCOME \"B\" (USD) ACC","LU2449327464.USD":"HSBC GIF GLOBAL INFRASTRUCTURE EQUITY \"AC\" (USD) ACC","NI":"印北瓦电","BK4081":"电力公用事业","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","BK4588":"碎股","BK4208":"复合型公用事业","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","BK4084":"特种房地产投资信托","IE00BZ18W456.USD":"BNY MELLON GLOBAL INFRASTRUCTURE INCOME \"B\" (USD) INC"},"translate_title":"阿尔冈昆电力公司完成可再生能源业务出售","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PW":1,"NI":1,"ES":1,"IDA":1,"AQN":0.9},"content_text":"Algonquin Power & Utilities Corporation AQN announced that it has completed the sale of its non-regulated renewable energy business to a wholly owned subsidiary of LS Power for a total consideration of up to $2.5 billion, excluding debt. This deal excludes Algonquin Power’s hydro fleet.\nDetails of AQN’s Renewable Business\nThe renewables business is comprised largely of wind and solar assets located throughout the United States and Canada, including 44 operating assets with more than 3,000 megawatts (MW) of generating capacity and an 8,000 MW pipeline of wind, solar, battery energy storage and renewable natural gas projects in various stages of development.Nearly 2,700 MW of the portfolio’s assets are located in the United States, with the remaining 300 MW in Canada.\nFocus on Regulated Business\nAlgonquin Power intends to use the net proceeds from the transaction to pay down existing debt and further strengthen its balance sheet.Along with the recent sale of AQN’s 42.2% ownership position in Atlantica Sustainable Infrastructure plc on Dec. 12, 2024, this transaction marks a milestone in the company’s efforts to turn AQN into a simpler, pure-play regulated utility. This should enable AQN to focus better on increasing the pace of energy transition.Along with Algonquin Power, Eversource Energy ES sold its South Fork and Revolution Wind projects to Global Infrastructure Partners in September 2024. The adjusted gross proceeds from the transaction were $745 million. The divestiture of the assets resulted in Eversource Energy’s exit from the offshore wind business. The company now concentrates on its resources to become a pure-play regulated utility. These assets will deliver low-risk regulated growth opportunities and enable ES to provide clean energy transition benefits to its customers.\nAQN’s Stock Price Performance\nIn the past month, shares of the company have lost 6.7% compared with the industry’s 6.6% decline.\n \nImage Source: Zacks Investment Research\nAQN’s Zacks Rank & Other Stocks to Consider\nThe company currently carries a Zacks Rank #4 (Sell).Some better-ranked companies from the same industry are NiSource NI and IDACORP IDA, both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.NI’s long-term (three-to-five-year) earnings growth rate is 7.45%. The Zacks Consensus Estimate for 2025 earnings per share (EPS) indicates a year-over-year increase of 7.3%.IDA’s long-term earnings growth rate is 8.31%. The Zacks Consensus Estimate for 2025 EPS indicates a year-over-year increase of 8.3%. \nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nNiSource, Inc (NI) : Free Stock Analysis Report\nIDACORP, Inc. (IDA) : Free Stock Analysis Report\nEversource Energy (ES) : Free Stock Analysis Report\nAlgonquin Power & Utilities Corp. (AQN) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2502017203"}