in News Departments > FYI
print the content item

Emera Inc. has acquired, on a private-placement basis, approximately 6.9 million subscription receipts of Algonquin Power & Utilities Corp. at a purchase price of C$5.37 per receipt.

The receipts were issued in connection with the previously announced April agreement between Emera, Algonquin and First Wind Holdings LLC to jointly construct, own and operate wind energy projects in the northeastern U.S.

First Wind has a 370 MW portfolio of wind projects in the northeastern U.S., including five operating projects and two projects near operation. Under the April agreement, these assets will become part of an operating company of which First Wind will own 51%. Emera and Algonquin intend to enter into a separate joint venture, Northeast Wind, which will own the remaining 49% of the operating company. Emera will own 75% of Northeast Wind, and Algonquin will own the balance.

Northeast Wind will invest a total of $333 million to acquire its 49% interest in the operating company. The transfer of the First Wind projects and related matters requires certain U.S. federal and state regulatory approvals, among other approvals. The transaction is expected to be completed in the fourth quarter of this year.

Algonquin's investment in Northeast Wind will be funded, in part, through the net proceeds of the issuance of the receipts.

Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.

Hybrid Energy Innovations 2015
Renewable NRG_id1934
Canwea_id1984