Emera buys more of Algonquin Power
The assets are currently run by Granite State Electric Company and EnergyNorth Natural Gas Inc., which are owned by National Grid PLC.
On the back of this deal, Emera Inc. is investing $60-million more in Algonquin at $5 per share through subscription receipts that will convert to common shares once the asset sales close.
Emera bought 8.5 million Algonquin common shares, or about 10 per cent of the company, when the utility bought California Pacific Energy Company in 2009. As part of that deal, Emera signed an agreement that allowed it to increase its position to 15 per cent.
National Grid said the sale comes at a multiple of 11.9 times annual EBITDA.
Macquarie Capital Markets Canada served as Algonquin's financial adviser.
Algonquin operates North American renewable power generation and utility infrastructure assets, and already owns some in New England.
Related News
Germany considers U-turn on nuclear phaseout
BERLIN - The German chancellor on Wednesday said it might make sense to extend the lifetime of Germany's three remaining nuclear power plants.
Germany famously decided to stop using atomic energy in 2011, and the last remaining plants were set to close at the end of this year.
However, an increasing number of politicians have been arguing for the postponement of the closures amid energy concerns arising from Russia's invasion of Ukraine. The issue divides members of Scholz's ruling traffic-light coalition.
What did the chancellor say?
Visiting a factory in western Germany, where a vital gas turbine is being stored, Chancellor Olaf Scholz…
