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algonquinpower.com

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1

Partners & Customers

2

About Algonquin Power & Utilities Corp.

Algonquin Power & Utilities (TSX: AQN) (NYSE: AQN) owns and operates a diversified portfolio of regulated and non-regulated utilities in North America. The company's regulated utility business provides water, electricity, and natural gas utility services to customers through its nationwide portfolio of regulated generation, transmission, and distribution utility systems. The company's non-regulated electric generation subsidiary owns or has interests in renewable energy and thermal energy facilities. Algonquin contributes to a pipeline of renewable power and clean energy projects, organic growth within its regulated utilities, and the pursuit of acquisition opportunities.

Algonquin Power & Utilities Corp. Headquarter Location

354 Davis Road

Oakville, Ontario, L6J 2X1,

Canada

905-465-4500

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Latest Algonquin Power & Utilities Corp. News

Algonquin Power is a Buy at these levels, this investor says

Sep 22, 2021

There’s not been much to cheer about lately from renewable energy stock Algonquin Power & Utilities ( Algonquin Power & Utilities Stock Quote, Charts, News, Analysts, Financials TSX:AQN ), which isn’t news, as the stock fits squarely in the defensive category while offering a substantial dividend. But portfolio manager Stephen Takacsy still thinks investors should be buying AQN due to its growing stable of clean energy sources. “Algonquin has been a long term core holding of ours. The stock had a nice run over the years but it’s been fairly range bound recently and it’s a really good time to buy it,” sats Takacsy, CEO and chief investment officer at Lester Asset Management, who spoke about Algonquin on BNN Bloomberg on Monday. Algonquin had a good lead-up to 2021, with the stock’s ten-year return at almost 300 per cent, but AQN hit the C$20 mark back in early 2020 and has been floating around ever since. It reached a high of C$22.54 in February of this year but has since been stuck between C$19 and C$20. That’s fine, though, Takacsy says, since the stock’s got an attractive dividend (currently yielding 4.4 per cent) and the company has been expanding through construction and acquisition and it’s had a number of new projects come online as of late. By the end of 2020, Algonquin passed the one million customer mark, aided by two acquisitions in Empresa de Servicios Sanitarios de Los Lagos, a water and wastewater provider in Chile, and Ascendant Group, an electric utility in Bermuda. The company has also been working on its largest construction program in its history, with new renewables in Great Bay Solar, Sugar Creek Wind and North Fork Ridge Wind completed in 2020 and the completion of its Maverick Creek Wind facility in Texas earlier this year. On the acquisition front, Algonquin also closed earlier this year the 51-per-cent interest purchase in four wind facilities under the Texas Coastal Wind Facilities banner that collectively have a generating capacity of 861 MW. CEO and President Arun Banskota commented on the company’s growth in a recent fiscal second quarter 2021 financial report, delivered in mid-August. ”We are pleased to report strong year-over-year earnings growth in the second quarter, supported in part by the approximately 1,400 MW of renewable energy projects placed in service since August 2020 and contributions from our recent acquisitions,” said Banskota,  “In the quarter, we successfully completed our Midwest ‘greening the fleet’ initiative, which is expected to provide clean and cost effective energy solutions to our customers, aligning with our commitment to advancing a sustainable energy and water future,” he said. Takacsy said investors can’t expect fireworks from AQN but they’re likely to get a solid return on a yearly basis. “It’s very well balanced between regulated utilities and renewable energy, and they have some real hidden gems in there like their water utility businesses that they own in the US. It’s a really nicely diversified company, very safe, very stable and nice growth projects,” Takacsy said. “So, yes, we do see significant upside, but remember this is very utility-like so it’s a somewhat boring stock but boring is good and the dividend is safe and we expect dividend increases at some point in the future as well,” he said. “So, this is a really good long-term hold for conservative portfolios,” Takacsy said. Algonquin’s fiscal second quarter featured revenue of $527.5 million, up 54 per cent year-over-year, and adjusted EBITDA of $244.9 million, up 39 per cent year-over-year. The company’s adjusted net earnings came in at $91.7 million or $0.15 per share compared to $0.09 per share a year earlier. (All figures in US dollars except where noted otherwise.) The company spent a full $3.14 billion over the first half of the calendar year on capex, which they’re planning to top up with a $1 billion equity offering, announced in June. With the funds, AQN plans to finance or refinance investments in renewable and clean energy generation projects. More recently, Algonquin announced earlier this month that its new green energy project, Shady Oaks II Wind Farm in Illinois, will involve a collaboration with JPMorgan Chase. The 108 MW project, which is expected to generate enough energy to power the equivalent of 32,800 US homes per year, will see JPMorgan buy about 70 per cent of the wind farm’s output as part of the company’s 100 per cent renewable energy commitment. “We’re extremely pleased to partner with JPMorgan Chase, a global leader in the finance industry and a sustainability-focused company that is as passionate as we are about advancing renewable energy solutions,” said Brenda Marshall, Senior Vice President, Renewable Generation – Wind for Algonquin, in a September 8 press release. “Shady Oaks II is an important contributor to our goal of continuing to add low-cost renewable generation capacity into our supply mix and supports our commitment to leading the change to a greener, cleaner planet.”

Algonquin Power & Utilities Corp. Investments

1 Investments

Algonquin Power & Utilities Corp. has made 1 investments. Their latest investment was in Atlantica Yield as part of their Corporate Minority - P2P on March 3, 2018.

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Algonquin Power & Utilities Corp. Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/13/2018

Corporate Minority - P2P

Atlantica Yield

$953M

Yes

5

Date

3/13/2018

Round

Corporate Minority - P2P

Company

Atlantica Yield

Amount

$953M

New?

Yes

Co-Investors

Sources

5

Algonquin Power & Utilities Corp. Acquisitions

6 Acquisitions

Algonquin Power & Utilities Corp. acquired 6 companies. Their latest acquisition was ESSAL on September 11, 2020.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

9/11/2020

$991

Corporate Majority

4

10/1/2019

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$991

$99M

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10

6/3/2019

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$991

$99M

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10

1/2/2017

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$991

$99M

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10

9/19/2014

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$991

$99M

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10

Date

9/11/2020

10/1/2019

6/3/2019

1/2/2017

9/19/2014

Investment Stage

Companies

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Valuation

$991

$991

$991

$991

$991

Total Funding

$99M

$99M

$99M

$99M

Note

Corporate Majority

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Sources

4

10

10

10

10

Algonquin Power & Utilities Corp. Partners & Customers

2 Partners and customers

Algonquin Power & Utilities Corp. has 2 strategic partners and customers. Algonquin Power & Utilities Corp. recently partnered with Chevron Corporation on August 8, 2020.

Date

Type

Business Partner

Country

News Snippet

Sources

8/3/2020

Partner

Chevron Corporation

United States

Over 500 MW Renewable Energy For Chevron

Chevron Corporation and Algonquin Power & Utilities Corp. have signed an agreement to co-develop 500 MW renewable energy capacity globally

1

11/13/2018

Vendor

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10

Date

8/3/2020

11/13/2018

Type

Partner

Vendor

Business Partner

Chevron Corporation

Country

United States

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News Snippet

Over 500 MW Renewable Energy For Chevron

Chevron Corporation and Algonquin Power & Utilities Corp. have signed an agreement to co-develop 500 MW renewable energy capacity globally

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Sources

1

10

Algonquin Power & Utilities Corp. Team

1 Team Member

Algonquin Power & Utilities Corp. has 1 team member, including former Chief Executive Officer, Ian Robertson.

Name

Work History

Title

Status

Ian Robertson

Chief Executive Officer

Former

Name

Ian Robertson

Work History

Title

Chief Executive Officer

Status

Former

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