Algonquin Power raises USD 724m to fund renewables growth
Canada wind farm. Author: Wilson Hui. License: Creative Commons
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.