Algonquin Power sells shares in wind turbines

(Oakville) Algonquin Power & Utilities (AQN) announced Monday that it has signed an agreement under which it will sell an interest in a portfolio that operates wind projects in the United States and Canada to InfraRed Capital Partners.

Posted at 12:28pm

The agreement includes a 49 percent interest in three operating wind turbines in the United States with a total installed capacity of 551 megawatts and an 80 percent interest in the Blue Hill Wind facility in Saskatchewan with a capacity of 175 megawatts.

AQN said total cash proceeds from the agreement are expected to be approximately $277 million for US facilities and approximately C$107 million for Canadian operations. The agreement is subject to customary closing conditions.

The company will continue to oversee day-to-day operations and provide project management services.

The transaction is expected to close in the fourth quarter.

InfraRed is part of SLC Management, an investment management company of Sun Life Financial.

Companies in this story: (TSX:AQN, TSX:SLF)

Tyrone Hodgson

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