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Algonquin bows out of deal to buy stake in First Wind 

Credit:  Reuters, www.reuters.com 27 January 2012 ~~

Canada’s Algonquin Power and Utilities Corp said it would not go ahead with its planned $83 million purchase of a minority stake in U.S.-based wind farm operator First Wind Holdings, citing regulatory delays in Maine.

“The longer than anticipated regulatory process in Maine, together with the transactions we have announced since April 2011 have contributed to our decision not to proceed with the investment”, Algonquin CEO Ian Robertson said in a statement.

However, Algonquin Power’s partner Emera Inc will not back out from its deal to buy about 37 percent of First Wind’s projects in northeast United States.

The deal was originally announced last April where Emera and Algonquin had agreed to operate First Wind’s projects in northeast United States.

In October 2010, First Wind Holdings canceled its IPO after cutting its expected price range by 24 percent and facing investor skepticism about its balance sheet and wind industry financing.

Source:  Reuters, www.reuters.com 27 January 2012

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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