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Algonquin Power and Utilities Corp. acquires 36.8 MW of hydroelectric assets

Algonquin Power & Utilities Corp. has completed the acquisition of 36.8 MW of electrical generating assets located in New Brunswick and Maine from Integrys Energy Services Inc.

Through the purchase of shares and assets, Algonquin has acquired three hydroelectric generating stations, including the 34.5-MW Tinker hydroelectric station located on the Aroostook River, Algonquin reported.

Additionally, Algonquin acquired five thermal generating stations and related transmission lines located in proximity to the generating facilities.

Due to confidentiality provisions with the seller, the purchase price has not been disclosed.

"We are very pleased with the recent acquisition of these long-lived, utility grade hydro assets" stated Ian Robertson, Algonquin’s Chief Executive Officer. "We believe this acquisition is accretive and will help us grow earnings from our portfolio of renewable and clean energy generating assets.”

Algonquin’s electric generation subsidiary includes 42 renewable energy facilities and 11 high-efficiency thermal energy facilities, representing more than 400 MW of total capacity.

The new hydroelectric assets are expected to deliver growth of more than 10 percent in Algonquin’s renewable energy business. (HydroWorld11/09)

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