Algonquin and AEP terminate deal for AEP's Kentucky operations

Algonquin Power & Utilities

17/04/2023 12:38

April 17 (Reuters) - American Electric Power  AEP.O  and Algonquin Power & Utilities
Corp  AQN.TO  have decided to terminate a deal for American Electric's Kentucky operations, the
companies said. 
    Algonquin had lowered its dividend in January and said it was targeting additional asset
sales to reduce debt.
    AEP said that proceeds from its contracted renewables sale, which is expected to generate
$1.2 billion, would replace previously forecasted proceeds from the sale of Kentucky assets.
    AEP had lowered the deal value by $200 million in September last year.  urn:newsml:reuters.com:*:nL4N311355
    The companies decided to terminate the deal because the conditions prior to closing the sale
could not be satisfied before April 26, the date after which either party had the right to end
the agreement, AEP said. 
    The deal was first announced in October, 2021.

 (Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh Kuber)
 ((Sourasis.Bose@thomsonreuters.com;))