OAKVILLE, Ont. — Algonquin Power & Utilities Corp. (AQN) says it has signed a revised deal that cuts the price it will pay for Kentucky Power Co. and AEP Kentucky Transmission Co. Inc. by US$200 million.

Under the new agreement, AQN says it will pay US$2.646 billion, including the assumption of US$1.221 billion in debt.

The Canadian power utility had agreed last year to a purchase price of US$2.846 billion, including the assumption of US$1.221 billion in debt.

AQN chief executive Arun Banskota said the deal will add to the company's regulated footprint in the United States.

The transaction remains subject to approval by the U.S. Federal Energy Regulatory Commission.

It is expected to close in January if the approval has been received.

This report by The Canadian Press was first published Sept. 30, 2022.

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