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Researched by Industrial Info Resources (Sugar Land, Texas)--Algonquin Power & Utilities Corporation (NYSE:AQN) (AQN) (Oakville, Ontario), an energy generation, transmission and distribution utility serving the U.S. and Canada, is looking to grow its renewables business--with wind and solar projects in the pipeline--and its regulated business, through two strategic acquisitions. Industrial Info is tracking $2.5 billion worth of active projects from Algonquin.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a full list of detailed project reports.
Renewable Energy Group
Algonquin currently owns, operates or has an interest in more than 4,000 megawatts (MW) of renewable generation, according to a second-quarter earnings presentation.
Growth projects include the $135 million Deerfield Wind Energy expansion project in Kinde, Michigan, which would add 112 MW to the 150-MW facility. The project kicked off in May and is expected to be completed by the end of the year. The $240 million Carvers Creek Photovoltaic (PV) Solar Plant in Gloucester, Virginia will utilize PV modules attached to a fixed-tilt or single-axis tracking system to generate 150 MW. The project is expected to kick off in October, with completion a year later. Subscribers can click here for detailed reports on the Deerfield and Carvers Creek projects.
In terms of solar, AQN is at work on the two-phase New Market Solar Plant in Hillsboro, Ohio, which includes the $60 million Phase I, which is designed to generate 35 MW from 98,000 PV modules, and the $45 million Phase II, which would add 65 MW worth of PV modules. Both projects are underway, with completion expected in November. Subscribers can read detailed project reports on New Market Phase I and Phase II.
Regulated Services Group
The company's regulated business unit covers rate-regulated electric, natural gas, water and wastewater collection utility systems and transmission operations.
Earlier this year, AQN's wholly owned operating subsidiary, Liberty Utilities (Ontario, Canada), acquired the New York-based water utility New York American Water Company for about $608 million. Liberty also has agreed to purchase American Electric Power Company Incorporated's (NASDAQ:AEP) (AEP) (Columbus, Ohio) Kentucky Power (Ashland, Kentucky) utility and its transmission assets for about $2.9 billion. The closing is subject to certain conditions that are awaiting approval from the Kentucky Public Service Commission, West Virginia Public Service Commission and U.S. Federal Energy Regulatory Commission, especially proposed operating and ownership agreements for the coal-fired Mitchell Power Station in West Virginia. The transaction could close in the second half of 2022, according to Algonquin. Subscribers to the GMI Power Plant Database can click here for a detailed plant profile.
Algonquin is expecting capital deployment of more than $4.3 billion in 2022, the majority of which is related to the two acquisitions. More than $1.2 billion has been invested through the end of the second quarter, including $609 million for the water utility transaction closing, and more than $200 million for organic investments in the second quarter.
The company reported second-quarter revenue of $624.3 million, up 18% from second-quarter 2021. Adjusted net earnings of $109.7 million were up 19.6% year over year.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of plant profiles.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a full list of detailed project reports.
Renewable Energy Group
Algonquin currently owns, operates or has an interest in more than 4,000 megawatts (MW) of renewable generation, according to a second-quarter earnings presentation.
Growth projects include the $135 million Deerfield Wind Energy expansion project in Kinde, Michigan, which would add 112 MW to the 150-MW facility. The project kicked off in May and is expected to be completed by the end of the year. The $240 million Carvers Creek Photovoltaic (PV) Solar Plant in Gloucester, Virginia will utilize PV modules attached to a fixed-tilt or single-axis tracking system to generate 150 MW. The project is expected to kick off in October, with completion a year later. Subscribers can click here for detailed reports on the Deerfield and Carvers Creek projects.
In terms of solar, AQN is at work on the two-phase New Market Solar Plant in Hillsboro, Ohio, which includes the $60 million Phase I, which is designed to generate 35 MW from 98,000 PV modules, and the $45 million Phase II, which would add 65 MW worth of PV modules. Both projects are underway, with completion expected in November. Subscribers can read detailed project reports on New Market Phase I and Phase II.
Regulated Services Group
The company's regulated business unit covers rate-regulated electric, natural gas, water and wastewater collection utility systems and transmission operations.
Earlier this year, AQN's wholly owned operating subsidiary, Liberty Utilities (Ontario, Canada), acquired the New York-based water utility New York American Water Company for about $608 million. Liberty also has agreed to purchase American Electric Power Company Incorporated's (NASDAQ:AEP) (AEP) (Columbus, Ohio) Kentucky Power (Ashland, Kentucky) utility and its transmission assets for about $2.9 billion. The closing is subject to certain conditions that are awaiting approval from the Kentucky Public Service Commission, West Virginia Public Service Commission and U.S. Federal Energy Regulatory Commission, especially proposed operating and ownership agreements for the coal-fired Mitchell Power Station in West Virginia. The transaction could close in the second half of 2022, according to Algonquin. Subscribers to the GMI Power Plant Database can click here for a detailed plant profile.
Algonquin is expecting capital deployment of more than $4.3 billion in 2022, the majority of which is related to the two acquisitions. More than $1.2 billion has been invested through the end of the second quarter, including $609 million for the water utility transaction closing, and more than $200 million for organic investments in the second quarter.
The company reported second-quarter revenue of $624.3 million, up 18% from second-quarter 2021. Adjusted net earnings of $109.7 million were up 19.6% year over year.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of plant profiles.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
