Acquisition of 24th 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 Canada
- Commitment to maintain local employment and the continued
safe, reliable natural gas distribution to over 12,000
customers
- Establishment of C$5 million
"Fuel for the Future" fund, to increase accessibility of
natural gas in New
Brunswick
OAKVILLE, ON, Oct. 1, 2019 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced that its
subsidiary Liberty Utilities (Canada) LP, APUC's wholly-owned regulated
utility business in Canada,
successfully completed its acquisition of Enbridge Gas New
Brunswick Limited Partnership along with its general partner ("New
Brunswick Gas"), a subsidiary of Enbridge Inc. (TSX: ENB) (the
"Transaction"). New Brunswick Gas is a regulated utility that
provides natural gas to approximately 12,000 customers in 12
communities across New Brunswick,
and operates approximately 1,200 km of natural gas distribution
pipeline.
"We are pleased to mark a new milestone in the growth of our
utility business with the acquisition of our first regulated
utility in Canada," said
Ian Robertson, Chief Executive
Officer of APUC. "New Brunswick Gas has tremendous potential for
growth which will be supported by our Fuel for the Future fund to
assist residents of New Brunswick
with the transition to clean, affordable natural gas for their
homes and businesses."
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 anticipated
benefits of the Transaction and APUC's prospective results of
operations, financial position or cash flows. 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.