Early Days
Algonquin was founded in 1988 when four business partners saw an opportunity for a new business venture in the Independent Power Producer (IPP) industry.
The newly established company began development of a number of hydroelectric projects in Canada.
Expansion into the Utility Business
In 2001, we expanded our focus beyond power and into utilities through the purchase of regulated water and wastewater treatment facilities in Arizona.
Soon after, our footprint of regulated water and wastewater utilities expanded to include Texas, Missouri, and Illinois.
Constructed First Wind Generation Facility
In 2004, we expanded our reach into the wind power sector for the first time with the construction of a 100 MW wind farm located in St. Leon, Manitoba, Canada.
Purchased First Electric Utility
In 2009, we rebranded our water and wastewater utility systems as “Liberty Water” (later called Liberty Utilities), and rebranded our power generation assets “Algonquin Power Co.”
In 2010, we expanded into other regulated utilities with the acquisition of California Pacific Electric Company, our first electric distribution utility, located in Lake Tahoe, California. Soon after, we expanded into natural gas utilities in New Hampshire, Missouri, Iowa, Arkansas, Georgia, Massachusetts, and Illinois (2011-2012).
Constructed First Solar Facility
In 2014, we entered the solar power sector with the construction of our first solar facility in Cornwall, Ontario, Canada.
Acquired Empire District Electric Company
In January of 2017, Algonquin completed its acquisition of the Empire District Electric Company. This acquisition resulted in significant expansion of our regulated utility and generation footprints in the central United States and the addition of operations in two new states (Kansas and Oklahoma).
In the Spring of 2017, we announced our renewable generation business was rebranded as “Liberty Power”.
Continued Regulated Utility Expansion and Sustainability Focus
In January, through our renewable energy group, we issued C$300 million of senior unsecured debentures representing the company’s inaugural “green” financing.
In the fall, we acquired two new natural gas companies: New Brunswick Gas in Canada and St. Lawrence Gas in New York. Together, these acquisitions expanded the company’s natural gas distribution footprint and added over 28,000 customer connections.
Leadership Succession, Asbury Coal Plant Retirement and International Expansion
In February, Algonquin announced that Arun Banskota would be taking on the role of CEO following the retirement of Ian Robertson.
In March, we retired the Asbury coal generation facility, reducing CO2e emissions by 905,000 metric tons annually.
In the fall, we completed two international acquisitions: Bermuda Electric Light Company (BELCO) and ESSAL, a water and wastewater provider in Chile. Together, these acquisitions added 260,000+ customer connections, bringing overall customer connections to over 1 million. We also announced the rebranding of our two service groups to one brand: “Liberty.”
Deepening Commitment to Sustainability with Net Zero Target and Completion of Midwest “Greening the Fleet”
In the first half of 2021, we completed our Midwest “greening the fleet” initiative, consisting of 600 MWs of wind generation in Missouri and Kansas owned by our Empire District Electric utility.
In October, we announced our target of achieving net-zero by 2050 for scope 1 and 2 emissions, a natural extension of our sustainability focus.
Expanding Water Utility Footprint in East U.S.
In January, Algonquin completed the acquisition of New York Water, which added 125,000 customer connections to our customer base, primarily in Long Island, New York.
Advancing as a Pure-Play Regulated Utility
In January, we completed the sale of our non-regulated renewable energy business (excluding our hydro fleet). This milestone reinforced our commitment to a pure-play regulated utility model, creating long-term value for customers and shareholders.
We're leading the transition to a low-carbon energy future.