HALIFAX AND OAKVILLE, Jan.
1 /PRNewswire-FirstCall/ - (EMA-TSX, AQN-TSX): Emera
Incorporated ("Emera") and Algonquin Power & Utilities Corp.
("APUC") announced that effective today they are closing their
acquisition of the California-based electricity distribution and
related generation assets of NV Energy, Inc.. Total
consideration for this transaction is $131,789,563 USD, subject to final adjustments.
Emera and APUC own and operate these assets through a newly formed
utility company, California
Pacific Electric Company, LLC. Also, as an element of the
transaction, Emera has now exchanged certain previously announced
subscription receipts into 8.523 million APUC common shares.
Forward-looking information
Securities regulators encourage companies to disclose
forward-looking information to help investors understand a
company's future prospects. This press release contains statements
about our future financial condition, results of operations and
business.
These are "forward-looking" because we have used
what we know and expect today to make a statement about the future.
Forward-looking statements usually include words such as may,
expect, anticipate, believe or other similar words. We believe
the expectations reflected in these forward-looking statements are
reasonable. However, actual events and results could be
substantially different because of the risks and uncertainties
associated with our business or events that happen after the date
of this press release. You should not place undue reliance on
forward-looking statements. As a general policy, we do not update
forward-looking statements except as required by securities laws
and regulations.
About Emera Incorporated
(EMA and EMA.PR.A -TSX) is an energy and services company with
$5.8 billion Canadian dollars in
assets. Electricity is Emera's core business. Approximately 94% of
Emera's revenues are earned by Nova Scotia Power Inc (NSPI), Bangor
Hydro Electric Company (BHE) and the Brunswick Pipeline. NSPI and
BHE are wholly-owned regulated electric utilities which together
serve 603,000 customers. The Brunswick Pipeline is a 145 km gas pipeline in
New Brunswick. Emera also owns
Maine and Maritimes Corporation, the parent company of Maine Public
Service Company, a regulated electric utility serving approximately
36,000 electricity customers in Northern
Maine and MAM Services Group. In the Caribbean, Emera owns 19% of St. Lucia
Electricity Services Limited, which serves more than 50,000
customers on the island of St.
Lucia, 80.4% of Grand Bahama Power Company which serves
19,000 customers on the island of Grand
Bahama and 38% of Light & Power Holdings, which serves
120,000 customers on the island of Barbados through its regulated electric
utility, The Barbados Light and Power Company. In addition to its
electric utility investments, Emera owns Bayside Power, a 260 MW gas-fired power plant in
Saint John, New Brunswick; Emera
Energy Services, a physical natural gas and power marketing and
asset management business; a joint venture interest in Bear Swamp,
a 600 megawatt pumped storage hydro-electric facility in northern
Massachusetts; a 12.9% interest in
the Maritimes & Northeast Pipeline; and an 8.2% interest in
Open Hydro.
About Algonquin Power & Utilities
Corp.
Through its distinct operating subsidiaries, APUC owns and operates
a diversified portfolio of approximately $1
billion of clean renewable electric generation and
sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's
utility subsidiary, currently provides regulated electric and water
utility services to approximately 120,000 customers through a
portfolio of 20 electric and water utility systems. APUC is
committed to expanding its regulated utility business through the
previously announced acquisition of Granite State Electric Company,
a New Hampshire regulated electric
distribution company, and EnergyNorth Natural Gas Inc., a regulated
natural gas distribution utility, which, together, will add an
additional 125,000 customers to Liberty Utilities connection base.
Algonquin Power Co., APUC's electric generation subsidiary, owns
and operates 45 renewable electrical generation facilities and 14
thermal electrical generation facilities representing more than 480
MW of installed capacity. APUC and its operating subsidiaries
deliver continuing growth through an expanding pipeline of
greenfield and expansion renewable power and clean energy projects,
organic growth within its regulated utilities and the pursuit of
accretive acquisition opportunities. APUC's common shares and
convertible debentures are traded on the Toronto Stock Exchange
under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit
Algonquin Power & Utilities Corp. on the web at
www.AlgonquinPowerandUtilities.com.
SOURCE EMERA INC.
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