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Algonquin Power & Utilities Corp. (APUC) says it will not proceed with the previously announced investment in First Wind Holdings LLC's wind portfolio in the northeastern U.S., citing a longer-than-anticipated regulatory process.

The initial joint announcement with Emera Inc. in April 2011 had contemplated APUC acquiring a minority interest of about 12.5% in the portfolio, representing an approximate $83 million investment.

First Wind's 370 MW portfolio of wind projects in the northeastern U.S. would have become part of an operating company, of which First Wind was going to own 51%.

Under a separate joint venture (Northeast Wind), Emera would have initially owned 75% of Northeast Wind, with APUC owning the balance.

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