OAKVILLE, ON, Jan. 3, 2022 /PRNewswire/ - Algonquin Power &
Utilities Corp. ("AQN" or the "Company") (TSX: AQN) (NYSE: AQN)
today announced that Liberty Utilities (Eastern Water Holdings)
Corp. , a wholly-owned subsidiary of AQN's regulated utility
operating subsidiary, Liberty Utilities Co. ("Liberty"), has
successfully completed the previously-announced acquisition of New
York American Water Company, Inc. ("New York American Water")
from American Water Works Company, Inc. for a purchase price
of approximately $608 million.
Headquartered in Merrick, NY,
New York American Water is a regulated water and wastewater utility
serving over 125,000 customer connections across seven counties in
southeastern New York. New York American Water's operations include
approximately 1,270 miles of water mains and distribution lines,
with 98% of customers in Nassau
County on Long Island.
"We are pleased to complete this important water utility
acquisition, and to bring New York American Water's employees and
customers into the Liberty
family," said Arun Banskota,
President and Chief Executive Officer of AQN. "Since announcing the
transaction, we have been working closely with the New York
American Water team and local authorities and regulators in an
effort to facilitate a smooth transition of services, and to
understand the needs of our customers in these communities. We have
a strong track record as a water utility owner and operator, and we
are eager to bring that expertise to Long
Island."
Under Liberty's operating
model, local operations teams will be empowered to deliver the safe
and reliable service that customers expect. To that end,
Liberty plans to bring the
customer service function back to Long
Island, which is expected to increase local employment and
improve the quality of service provided to customers.
All dollar amounts referenced herein are in U.S. dollars unless
otherwise noted.
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp., parent company of
Liberty, is a diversified
international generation, transmission, and distribution utility
with over $16 billion of total
assets. Through its two business groups, the Regulated Services
Group and the Renewable Energy Group, AQN is committed to providing
safe, secure, reliable, cost-effective, and sustainable energy and
water solutions through its portfolio of electric generation,
transmission, and distribution utility investments to over one
million customer connections, largely in the United States and Canada. AQN is a
global leader in renewable energy through its portfolio of
long-term contracted wind, solar, and hydroelectric generating
facilities. AQN owns, operates, and/or has net interests in over 4
GW of installed renewable energy capacity.
AQN is committed to delivering growth and the pursuit of
operational excellence in a sustainable manner through an expanding
global pipeline of renewable energy and electric transmission
development projects, organic growth within its rate-regulated
generation, distribution, and transmission businesses, and the
pursuit of accretive acquisitions.
AQN's common shares, Series A preferred shares, and Series D
preferred shares are listed on the Toronto Stock Exchange under the
symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common
shares, Series 2018-A subordinated notes, Series 2019-A
subordinated notes and equity units are listed on the New York
Stock Exchange under the symbols AQN, AQNA, AQNB, and AQNU,
respectively.
Visit AQN at www.algonquinpowerandutilities.com and
follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute
''forward-looking information'' within the meaning of applicable
securities laws in each of the provinces and territories of
Canada and the respective
policies, regulations and rules under such laws and
''forward-looking statements'' within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995 (collectively,
''forward-looking statements"). The words "will", "expects",
"plans" and similar expressions are often intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Specific
forward-looking statements in this news release include, but are
not limited to statements regarding the expected operating model at
New York American Water, including the plan to bring the customer
service function to Long Island,
with the resultant expectation that local employment will increase
and customer service will improve. These statements are based on
factors or assumptions that were applied in drawing a conclusion or
making a forecast or projection, including assumptions based on
historical trends, current conditions and expected future
developments. Since forward-looking statements relate to future
events and conditions, by their very nature they rely upon
assumptions and involve inherent risks and uncertainties. AQN
cautions that although it is believed that the assumptions are
reasonable in the circumstances, these risks and uncertainties give
rise to the possibility that actual results may differ materially
from the expectations set out in the forward-looking statements.
Material risk factors and assumptions include those set out in
AQN's Management Discussion and Analysis and Annual Information
Form for the year ended December 31,
2020, and in AQN's Management Discussion & Analysis for
the three months and nine months ended September 30, 2021, each of which is available on
SEDAR and EDGAR. Given these risks, undue reliance should not be
placed on these forward-looking statements, which apply only as of
their dates. Other than as specifically required by law, AQN
undertakes no obligation to update any forward-looking statements
to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.