Algonquin raises $724m to develop renewable energy projects

Algonquin Power & Utilities has raised a total of CAD983m ($724m) through a share sale and share issue to help back its renewables developments and for other corporate spending. The company sold about 37 million shares and issued almost 20.5 million more shares to an institutional investor for CAD350m. The deal was led by CIBC Capital Markets and Scotiabank.

Algonquin Power & Utilities Corp (TSE:AQN) has raised a total of CAD 983 million (USD 724m/EUR 632m) in gross proceeds from a couple of common share offerings.

The Ontario-based utility has sold about 37 million common shares through a bought deal public offering at CAD 17.10 apiece for roughly CAD 633 million. A further 20.47 million common shares were issued and sold under a concurrent direct registered offering to an institutional investor for total gross proceeds of CAD 350 million.

Scotiabank and CIBC Capital Markets led the syndicate of underwriters for the bought deal.

Algonquin Power said it will use the net proceeds to finance in part its previously announced renewable development growth projects. What is left will be allocated for general corporate purposes.

(CAD 1.0 = USD 0.737/EUR 0.643)

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