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LONDON, UK / ACCESSWIRE / March 13, 2018 / Active-Investors.com has just released a free research report on Algonquin Power & Utilities Corp. (NYSE: AQN) ("APUC"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AQN as the Company's latest news hit the wire. On March 09, 2018, the Company, which is a leading generation, transmission, and distribution utility with $10 billion of total assets, announced that it completed the previously announced formation of a joint venture with Seville, Spain-based Abengoa S.A., which would be focused on the development and construction of global clean energy and water infrastructure assets. The AAGES joint venture, according to the Company, would offer a balanced approach for its entry into strategic global markets, capitalizing on Abengoa's international presence and expertise. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Additionally, APUC also announced the completion of the previously announced purchase of 25% of equity interest in Atlantica Yield Plc (NASDAQ:AY) ("Atlantica") from Abengoa, for a total purchase price of $608 million. The 25% equity price represented about 25 million shares, and entitled a subsidiary of APUC to receive Atlantica's dividend of $0.31 per share, to be paid on or about March 27, 2018. Atlantica, according to APUC, owns and operates a diverse long-term contracted portfolio of 22 facilities, representing 1.7 GW of clean power generating capacity; 1,770 kilometers of electric transmission lines; and two desalination plants in selected global markets, including North America, South America, and Europe, Middle-East, and Africa (EMEA).
APUC further added that Atlantica's portfolio was complementary to its existing operations, and that the Company's commitment to Atlantica is expected to strengthen Atlantica's prospects through the addition of new assets, thereby accelerating the growth of its cash available for distribution. The projects, expected to be undertaken by AAGES under a new right of first offer agreement in favor of Atlantica, represented an important source of future growth for Atlantica.
APUC viewed the completion of the transactions as a significant milestone for the collaboration, as it would establish APUC as a key player in the global clean energy and water infrastructure development. Through Atlantica, APUC would benefit from having an international operator for new projects developed by the AAGES, and interest in an attractively-priced portfolio of high quality, international operating assets, which would be accretive to the Company's earnings and cash flow per share.
Company Growth Prospects
On November 01, 2017, APUC announced the creation of an international project development joint venture that would combine the core competencies of the Company and Abengoa. The Company also expected near-term development opportunities from Abengoa's construction project, which would represent an expected equity investment opportunity of $300 million.
Stock Performance Snapshot
March 12, 2018 - At Monday's closing bell, Algonquin Power & Utilities' stock slightly declined 0.20%, ending the trading session at $10.15.
Volume traded for the day: 673.69 thousand shares, which was above the 3-month average volume of 148.27 thousand shares.
Stock performance in the last month – up 0.50%; and past twelve-month period – up 10.21%
After yesterday's close, Algonquin Power & Utilities' market cap was at $3.93 billion.
Price to Earnings (P/E) ratio was at 44.13.
The stock has a dividend yield of 4.53%.
The stock is part of the Utilities sector, categorized under the Diversified Utilities industry. This sector was up 0.5% at the end of the session.
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