By Adriano Marchese
Algonquin Power & Utilities Corp. said it agreed to sell ownership interests in a portfolio of operating wind projects in Canada and the U.S. to international infrastructure investment manager InfraRed Capital Partners.
The Canadian renewable energy and regulated utility conglomerate said Monday that it will sell a 49% ownership interest in three operating wind facilities in the U.S. with a total of 551 megawatt of installed capacity and sell an 80% ownership stake in a 175 megawatt operating wind facility in Canada.
Algonquin Power expects to receive about $277 million for its U.S. facilities and around 107 million Canadian dollars, the equivalent of US$77.4 million, for the Canadian facility.
Algonquin Power said it will continue to oversee day-to-day operations, while providing management services to the facilities in both countries.
The purchaser, InfraRed Capital Partners, is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life Financial Inc.
The transaction is expected to close in the fourth quarter of this year.
Write to Adriano Marchese at firstname.lastname@example.org
(END) Dow Jones Newswires