Jan. 1, 2011 (Canada NewsWire Group) --
HALIFAX AND OAKVILLE, Jan. 1 /CNW/ - (EMA-TSX, AQN-TSX): Emera Incorporated ("Emera") and Algonquin Power & Utilities Corp. ("APUC") announced that effective today they are closing their acquisition of the California-based electricity distribution and related generation assets of NV Energy, Inc.. Total consideration for this transaction is $131,789,563 USD, subject to final adjustments. Emera and APUC own and operate these assets through a newly formed utility company, California Pacific Electric Company, LLC. Also, as an element of the transaction, Emera has now exchanged certain previously announced subscription receipts into 8.523 million APUC common shares.
Forward-looking information
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This press release contains statements about our future financial
condition, results of operations and business.
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About Emera Incorporated
(EMA and EMA.PR.A -TSX) is an energy and services company with $5.8
billion Canadian dollars in assets. Electricity is Emera's core
business. Approximately 94% of Emera's revenues are earned by Nova
Scotia Power Inc (NSPI), Bangor Hydro Electric Company (BHE) and the
Brunswick Pipeline. NSPI and BHE are wholly-owned regulated electric
utilities which together serve 603,000 customers. The Brunswick
Pipeline is a 145 km gas pipeline in New Brunswick. Emera also owns
Maine and Maritimes Corporation, the parent company of Maine Public
Service Company, a regulated electric utility serving approximately
36,000 electricity customers in Northern Maine and MAM Services Group.
In the Caribbean, Emera owns 19% of St. Lucia Electricity Services
Limited, which serves more than 50,000 customers on the island of St.
Lucia, 80.4% of Grand Bahama Power Company which serves 19,000
customers on the island of Grand Bahama and 38% of Light & Power
Holdings, which serves 120,000 customers on the island of Barbados
through its regulated electric utility, The Barbados Light and Power
Company. In addition to its electric utility investments, Emera owns
Bayside Power, a 260 MW gas-fired power plant in Saint John, New
Brunswick; Emera Energy Services, a physical natural gas and power
marketing and asset management business; a joint venture interest in
Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in
northern Massachusetts; a 12.9% interest in the Maritimes & Northeast
Pipeline; and an 8.2% interest in Open Hydro.
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a
diversified portfolio of approximately $1 billion of clean renewable
electric generation and sustainable utility distribution businesses in
North America. Liberty Utilities Co., APUC's utility subsidiary,
currently provides regulated electric and water utility services to
approximately 120,000 customers through a portfolio of 20 electric and
water utility systems. APUC is committed to expanding its regulated
utility business through the previously announced acquisition of
Granite State Electric Company, a New Hampshire regulated electric
distribution company, and EnergyNorth Natural Gas Inc., a regulated
natural gas distribution utility, which, together, will add an
additional 125,000 customers to Liberty Utilities connection base.
Algonquin Power Co., APUC's electric generation subsidiary, owns and
operates 45 renewable electrical generation facilities and 14 thermal
electrical generation facilities representing more than 480 MW of
installed capacity. APUC and its operating subsidiaries deliver
continuing growth through an expanding pipeline of greenfield and
expansion renewable power and clean energy projects, organic growth
within its regulated utilities and the pursuit of accretive acquisition
opportunities. APUC's common shares and convertible debentures are
traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB,
AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the
web at www.AlgonquinPowerandUtilities.com.
Emera
Investor Relations:
Jennifer Nicholson, CA
Senior Director, Stakeholder Relations
(902) 223-0461
Media Relations:
Sasha Irving
Director, Corporation Communications
(902) 229-5104
Algonquin Power & Utilities Corp.
Kelly Castledine
Investor Relations
(905) 465-4500