Through the purchase of shares and assets, Algonquin has acquired three hydroelectric generating stations, notably the 34.5MW Tinker Hydroelectric station located on the Aroostook River near the Town of Perth-Andover, New Brunswick.
Additionally, Algonquin acquired five thermal generating stations and certain regulated NB ISO transmission lines located in proximity to the generating facilities.
The acquisition has been financed with $20m of new equity and the balance with a portion of the long term convertible debentures from the offering of Algonquin shares and debentures that was completed on December 2, 2009.
Ian Robertson, CEO of Algonquin, said: “We are very pleased with the recent acquisition of these long lived, utility grade Hydro Assets. We believe this acquisition is accretive and will help us grow earnings from our portfolio of renewable and clean energy generating assets”.
