Algonquin Power signs deal to sell renewable energy business for up to US$2.5B | Canada News Media
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Algonquin Power signs deal to sell renewable energy business for up to US$2.5B

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OAKVILLE, Ont. – Algonquin Power & Utilities Corp. says it has signed a deal to sell its renewable energy business to a subsidiary of LS Power for up to US$2.5 billion.

Under the deal, which does not include Algonquin’s hydro business, LS Power will pay US$2.28 billion in cash at closing and up to US$220 million under an earn out agreement related to certain wind assets.

The deal came as the company, which keeps its books in U.S. dollars, reported a profit attributable to shareholders of US$200.8 million or 28 cents US per share for the quarter ended June 30 compared with a loss of US$253.2 million or 37 cents US per share a year ago.

Revenue totalled US$598.6 million, down from $627.9 million in the same quarter last year.

On an adjusted basis, Algonquin says it earned nine cents per share in its latest quarter, up from an adjusted profit of eight cents per share a year earlier.

The company also announced it was cutting its dividend to 6.5 cents US per share for the third quarter from 10.85 cents US per share in the second quarter.

This report by The Canadian Press was first published Aug. 9, 2024.

Companies in this story: (TSX:AQN)

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End of Manitoba legislature session includes replacement-worker ban, machete rules

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WINNIPEG – Manitoba politicians are expected to pass several bills into law before the likely end of legislature session this evening.

The NDP government, with a solid majority of seats, is getting its omnibus budget bill through.

It enacts tax changes outlined in the spring budget, but also includes unrelated items, such as a ban on replacement workers during labour disputes.

The bill would also make it easier for workers to unionize, and would boost rebates for political campaign expenses.

Another bill expected to pass this evening would place new restrictions on the sale of machetes, in an attempt to crack down on crime.

Among the bills that are not expected to pass this session is one making it harder for landlords to raise rents above the inflation rate.

This report by The Canadian Press was first published Nov. 7, 2024

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Father charged with second-degree murder in infant’s death: police

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A Richmond Hill, Ont., man has been charged with second-degree murder in the death of his seven-week-old infant earlier this year.

York Regional Police say they were contacted by the York Children’s Aid Society about a child who had been taken to a hospital in Toronto on Jan. 15.

They say the baby had “significant injuries” that could not be explained by the parents.

The infant died three days later.

Police say the baby’s father, 30, was charged with second-degree murder on Oct. 23.

Anyone with more information on the case is urged to contact investigators.

This report by The Canadian Press was first published Nov. 7, 2024.

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Ontario fast-tracking several bills with little or no debate

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TORONTO – Ontario is pushing through several bills with little or no debate, which the government house leader says is due to a short legislative sitting.

The government has significantly reduced debate and committee time on the proposed law that would force municipalities to seek permission to install bike lanes when they would remove a car lane.

It also passed the fall economic statement that contains legislation to send out $200 cheques to taxpayers with reduced debating time.

The province tabled a bill Wednesday afternoon that would extend the per-vote subsidy program, which funnels money to political parties, until 2027.

That bill passed third reading Thursday morning with no debate and is awaiting royal assent.

Government House Leader Steve Clark did not answer a question about whether the province is speeding up passage of the bills in order to have an election in the spring, which Premier Doug Ford has not ruled out.

This report by The Canadian Press was first published Nov. 7, 2024.

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