Continued growth with the acquisition of
the 27th regulated utility since 2009
Highlights:
- Benefits Bermuda
economically and environmentally by capitalizing on APUC's core
competencies of responsible utility ownership and renewable energy
development
- Continues APUC's growth program through further
expansion of its regulated utility business in a high-quality
jurisdiction
- Immediately accretive to APUC's 2021 Adjusted Net Earnings
per share
- Retains and develops existing experienced management and
operations team to continue providing ~36,000 customer connections
with safe, reliable and cost effective utility services
OAKVILLE, ON, Nov. 9, 2020 /PRNewswire/ - Algonquin Power
& Utilities Corp. ("APUC" or the "Company") (TSX: AQN)
(NYSE:AQN) today announced that it has successfully completed its
acquisition of Ascendant Group Limited ("Ascendant") (BSX: AGL.BH)
and its subsidiaries. Ascendant, through its major
subsidiary, Bermuda Electric Light Company Limited ("BELCO"), is
the sole electric utility in Bermuda, providing safe and reliable regulated
electrical generation, transmission and distribution services to
approximately 36,000 customer connections.
"We are pleased to welcome the employees and customers of BELCO
and the Ascendant Group of Companies to the Algonquin Liberty
family," said Arun Banskota,
President and Chief Executive Officer of APUC. "We are committed to
providing residents of Bermuda
safe and reliable delivery of essential services, and also to
leverage our commitment to sustainability as a leader in renewable
energy for both the economic and environmental benefit of
Bermuda."
As previously announced, under the terms of the all-cash
transaction, Ascendant's shareholders received U.S. $36 per common share, representing an aggregate
share purchase price of approximately U.S. $365 million.
About Algonquin Power & Utilities
Corp., Liberty Utilities and Liberty Power
APUC is a diversified international generation, transmission,
and distribution utility with approximately $11 billion of total assets. Through its two
business groups, Liberty Utilities and Liberty Power, APUC is committed to providing
safe, secure, reliable, cost-effective, and sustainable energy and
water solutions through our portfolio of electric generation,
transmission, and distribution utility investments to over 1
million connections, largely in the
United States and Canada. APUC is a global leader in
renewable energy through its portfolio of long-term contracted
wind, solar, and hydroelectric generating facilities representing
over 2 GW of installed capacity and approximately 1.6 GW of
incremental renewable energy capacity under construction.
APUC is committed to delivering growth and the pursuit of
operational excellence in a sustainable manner 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, respectively. 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, respectively.
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 constitute
''forward-looking information'' within the meaning of applicable
securities laws in each of the provinces of Canada and the respective policies,
regulations and rules under such laws and ''forward-looking
statements'' within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, ''forward-looking
statements"). The words "will", "expects", "intends" and similar
expressions are often intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Specific forward-looking statements
contained in this news release include, but are not limited to:
statements regarding expectations regarding Ascendant employees,
expectations regarding Ascendant's continuing operations, and
expectations regarding benefits to be realized for Ascendant, its
customers and Bermuda as a result
of the transaction. 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 APUC's most recent annual and interim management's
discussion and analysis, most recent annual information form and
prospectus and prospectus supplement relating to the offering.
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 to reflect new
information, subsequent or otherwise.
Non-GAAP Financial Measures
The term "Adjusted Net Earnings" is used in this press release.
The term "Adjusted Net Earnings" is not a recognized measure under
U.S. GAAP. There is no standardized measure of "Adjusted Net
Earnings"; consequently, APUC's method of calculating this measure
may differ from methods used by other companies and therefore may
not be comparable to similar measures presented by other companies.
A description, calculation and analysis of "Adjusted Net Earnings
", including a reconciliation to the U.S. GAAP equivalent, where
applicable, can be found in APUC's most recent Management
Discussion & Analysis.
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SOURCE Algonquin Power & Utilities Corp.