Algonquin Power & Utilities to sell renewable energy business for up to $2.5 bln (updated)

Algonquin Power & Utilities

09/08/2024 12:55

(Adds details)
       Aug 9 (Reuters) - 
    Canada's Algonquin Power & Utilities Corp  AQN.TO  said on
Friday that it is selling its renewable energy business,
excluding hydropower operations, to a wholly-owned subsidiary of
LS Power for up to $2.5 billion. 
    Last year, activist hedge fund Starboard Value had urged the
utility firm to sell a majority of its renewable assets to
reduce debt and improve earnings.
    The transaction is expected close in the fourth quarter of
2024 or the first quarter of 2025, the company said.
    Algonquin's shares have gained about 2% so far this year.

 (Reporting by Mrinalika Roy in Bengaluru; Editing by Sonia
Cheema)
 ((mrinalika.roy@thomsonreuters.com;))