Canada's Algonquin starts strategic review of renewable energy group (updated)

Algonquin Power & Utilities

11/05/2023 11:57

(Adds details and background on the company in paragraphs 2, 3,
4 and 5)
       May 11 (Reuters) - Algonquin Power & Utilities Corp
 AQN.TO  said on Thursday it had initiated a strategic review of
its renewable energy group, following a push by Corvex
Management and other activist firms for changes.
    The company said in January that it planned to raise $1
billion through asset sales and would slash its dividend by 40%,
to bolster its finances.
    A deal to buy the Kentucky operations of American Electric
Power  AEP.O  also fell through last month, following multiple
delays since its announcement nearly 1-1/2 years ago.
    Algonquin owns and operates regulated utilities, as well as
power generating and water assets, across Canada and the United
States, with its regulated business serving more than 1 million
customers, according to its website.
    Renewable energy group includes all of the company's
non-regulated operating and development power generation assets.
    The company also added on Thursday that there can be no
assurance that the strategic review will result in any deal or
execution of any strategic alternative.

 (Reporting by Arunima Kumar in Bengaluru; Editing by Janane
Venkatraman and Sriraj Kalluvila)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))