InfraRed Capital Partners entered into an agreement to acquire ownership interests in Wind Projects Portfolio in the United States and Canada from Algonquin Power & Utilities Corp. (TSX:AQN) approximately $360 million on October 3, 2022. Total cash proceeds to AQN from this asset recycling transaction are expected to be approximately $277 million for the U.S. Facilities and approximately CAD107 million ($77.42 million) for the Blue Hill Wind Facility, subject to customary closing adjustments.

As per the filling on November 11, 2022, Total cash proceeds to AQN from the disposition transaction are expected to be approximately $277.5 million for the U.S. facilities and approximately CAD 107.3 million (approximately $81 million) for the Blue Hill Wind Facility, subject to customary closing adjustments. This inaugural asset recycling transaction consists of the sale of a 49% ownership interest in three operating wind facilities in the United States totaling 551 MW of installed capacity (the "U.S. Facilities") and an 80% ownership interest in a 175 MW operating wind facility in Canada. AQN will continue to oversee day-to-day operations and provide management services to the facilities.

Closing of the transaction is subject to receipt of certain regulatory approvals and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2022. CIBC Capital Markets acted as exclusive financial advisor to AQN.