First Wind, Algonquin and Emera announce partnership involving First Wind's Northeast projects
30 Avril 2011 - 7:30AM
PR Newswire (Canada)
BOSTON, MA, OAKVILLE, ON and HALIFAX, April 30 /CNW/ -- BOSTON, MA,
OAKVILLE, ON and HALIFAX, April 30 /CNW/ - First Wind Holdings, LLC
(First Wind), (TSX: AQN): Algonquin Power and Utilities Corp.
(Algonquin) and (TSX: EMA) Emera Inc. (Emera) announced today that
they have entered into an agreement to jointly construct, own and
operate wind energy projects in the Northeast U.S. First Wind has a
370 Megawatt (MW) portfolio of wind energy projects in the
Northeast U.S. including five operating projects and two projects
near operation. These assets will become part of an operating
company of which First Wind will own 51%. Emera and Algonquin are
entering into a separate joint venture (Northeast Wind), which will
own 49% of the operating company. Emera will initially own 75% of
Northeast Wind and Algonquin will own the balance. Northeast Wind
will invest a total of $333 million to acquire the 49% ownership of
the operating company. This includes a $150 million loan to the
operating company. The loan will be repaid within 5 years, or
convert to equity in future projects. First Wind will work with
Algonquin and Emera to grow the operating company. In addition to
its ownership interest in the operating company, First Wind will
serve as its managing partner and will continue to operate the
projects. First Wind will continue to develop Northeast projects
and once these projects meet certain eligibility criteria they will
transfer to the operating company. "This is an excellent strategic
partnership that brings together the region's leading wind company
with some of the region's leading power and utilities companies.
This partnership will help bring further growth of well-sited and
well-run wind energy projects in the region in the future," said
Paul Gaynor, CEO of First Wind. "This agreement will support First
Wind's plans to grow and develop and invest in new projects in the
Northeast and across the country." "This investment is an excellent
means for Algonquin to partner with Emera and expand our reach into
the New England renewable energy market with a strong portfolio of
attractive wind projects," stated Ian Robertson, CEO, Algonquin.
"This transaction augments Algonquin's growth strategy and affords
us the opportunity to lever our expertise alongside the First Wind
development team and expand our participation with Emera in the New
England ISO electricity market." "This investment provides Emera
and Algonquin with the opportunity to partner with the largest
operator of wind assets in New England," stated Chris Huskilson,
President and CEO, Emera Inc. "This partnership brings together
Algonquin's renewable generation experience, Emera's financial
capacity and marketing experience with First Wind's development
expertise and is consistent with our renewables strategy in the
region." Emera will finance the transaction through existing credit
facilities subject to lender approval. Algonquin's financing plans
include an agreement with Emera for Emera to acquire $37 million of
subscription receipts in Algonquin at a price of $5.37 per share.
This provides Emera with the opportunity to increase its ownership
interest in Algonquin up to 25%, subject to Algonquin shareholder
approval. The transaction is expected to be immediately accretive
to both Emera and Algonquin. The transaction requires certain state
and federal regulatory approvals, among others, and is expected to
close by the end of the year. The First Wind projects being
transferred to the operating company are: Maine projects: - Mars
Hill Wind, Mars Hill, ME (in commercial operation since 2007) - 42
MW - Stetson Wind I, Danforth, ME (in commercial operation since
2009) - 57 MW - Stetson Wind II, Danforth, ME (in commercial
operation since 2010) - 26 MW - Rollins Wind (in construction,
expected completion July 2011) - 60 MW Vermont Project: - Sheffield
Wind, Sheffield, VT (in construction, expected completion Oct.
2011) - 40 MW New York Projects: - Steel Winds I, Lackawanna, NY
(in commercial operation since 2007) - 20 MW - Cohocton Wind,
Cohocton, NY (in commercial operation since 2009) - 125 MW Analyst
Call Information: Emera and Algonquin will hold an analyst call on
Monday, May 2, 2011 at 10:00 am Eastern time jointly hosted by
Algonquin Chief Executive Officer Ian Robertson and Emera Chief
Executive Officer Chris Huskilson. Conference call details are as
follows: Analysts and other interested parties wanting to
participate in the call should dial 1-866-225-0198 (in Toronto
416-340-8061) at least 10 minutes prior to the start of the call.
No pass code is required. The teleconference will be recorded. If
you are unable to join the teleconference live, you can dial for
playback toll-free at 1-800-408-3053 (in Toronto 905-694-9451),
access code 8543255No. (available until midnight, Monday May 16,
2011). The teleconference will also be web cast live at
www.emera.com and available for playback for one year. Cautionary
Statement This news release contains forward looking information.
Actual future results may differ materially. Additional financial
and operational information regarding Emera (and APUC) is filed
electronically with various securities commissions in Canada
through the System for Electronic Document Analysis and Retrieval
(SEDAR). About Algonquin Power & Utilities Corp. Through its
distinct operating subsidiaries, APUC owns and operates a
diversified portfolio of $1.1 billion of clean renewable electric
generation and sustainable utility distribution businesses in North
America. Liberty Water Co., APUC's water utility subsidiary,
provides regulated water utility services to more than 73,000
customers with a portfolio of 19 water distribution and wastewater
treatment utility systems and has entered into agreements to
acquire additional utility systems serving 7,400 customers. Through
its wholly owned subsidiary Liberty Energy Utilities Co., APUC
provides regulated electricity and natural gas distribution
services, currently serving more than 47,000 electric customers in
the Lake Tahoe, CA area. Pursuant to previously announced
agreements, Liberty Energy Utilities Co. is committed to acquiring
Granite State Electric Company, a New Hampshire electric
distribution company, and EnergyNorth Natural Gas Inc., a regulated
natural gas distribution utility, which together serve
approximately 130,000 customers. Algonquin Power Co., APUC's
electric generation subsidiary, includes 45 renewable energy
facilities and 12 thermal energy facilities representing more than
460 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 and www.sedar.com. About Emera
Inc. Emera Inc. is a growing energy and services company with $6.3
billion in assets and revenues of $1.6 billion. The company invests
in electricity generation, transmission and distribution, as well
as gas transmission and utility energy services. Emera's strategy
is focused on the transformation of the electricity industry to
cleaner generation and the delivery of that clean energy to market.
Emera operates throughout northeastern North America, in three
Caribbean countries and in California. More than 80% of the
company's earnings come from regulated investments. Emera common
and preferred shares are listed on the Toronto Stock Exchange and
trade under the symbols EMA and EMA.PR.A respectively. Additional
information can be accessed at www.emera.com or www.sedar.com.
About First Wind First Wind is an independent wind energy company
exclusively focused on the development, financing, construction,
ownership and operation of utility-scale wind projects in the
United States. Based in Boston, First Wind has wind projects in the
Northeast, the West and in Hawaii, with the capacity to generate up
to 533 megawatts of power and projects under construction and
construction-ready with the capacity to generate up to an
additional 238 megawatts. For more information on First Wind,
please visit www.firstwind.com or follow us on Twitter @FirstWind.
Emera Investor Relations Contact, Jill MacDonald, Manager Investor
Relations, 902-489-6876; Emera Media Contact, Sasha Irving,
Director Corporate Communications, 902-229-5104; First Wind
Contact, John Lamontagne, Director Corporate Communications,
617-960-9521, jlamontagne@firstwind.com; Algonquin Contact, David
Bronicheski, Chief Financial Officer, 905-465-4512
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