Algonquin Power to withdraw from investment in First Wind portfolio
Algonquin Power & Utilities Corp (APUC) is planning not to proceed with its previously announced investment in First Wind Holdings’ wind portfolio in the north east US.
The initial joint announcement with energy and services company Emera in April last year had contemplated APUC acquiring a minority stake of about 12.5% in the wind portfolio, representing an investment of about $83m.
APUC CEO Ian Robertson said notwithstanding this decision, APUC remains solidly focused on gaining regulatory approval in Maine for the advancement of the company's strategic investment agreement with Emera.
APUC owns and operates a diversified portfolio of $1.2bn of renewable electric generation and sustainable utility distribution businesses in North America.
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