Early Days
Algonquin began over twenty years ago, 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, the first of which was the Cordova site, in Hastings County, Ontario. Development continued in various parts of Canada focusing on hydro projects.
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, the Company expanded its 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, the Company’s water and wastewater utility systems were rebranded and re-launched as “Liberty Water” (later called Liberty Utilities), while its power generation assets were rebranded as “Algonquin Power Co.”
In 2010, Liberty expanded into other regulated utilities with the acquisition of California Pacific Electric Company, its first electric distribution utility in Lake Tahoe, California. Soon after, Liberty expanded into natural gas utilities in New Hampshire, Missouri, Iowa, Arkansas, Georgia, Massachusetts, and Illionois (2011-2012).
Constructed First Solar Facility
In 2014, the Company expanded into the solar power sector for the first time with the construction of its 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 transformative growth opportunity saw significant expansion of the Company’s regulated utility and unregulated generation footprints in the central United States and the addition of operations in two new states (Kansas and Oklahoma).
In the Spring of 2017, the renewable generation business announced that it would rebrand to “Liberty Power” in an effort to further align itself with sister organization, Liberty Utilities.
AAGES Joint Venture and Atlantica Investment
In November 2017, Algonquin announced an agreement to create a joint venture (“AAGES”) with Spain-based Abengoa with a mandate to identify, develop, and construct clean energy and water infrastructure assets with a global focus.
Algonquin also entered into agreements to purchase from Abengoa an aggregate 41.5% equity interest in Atlantica Yield. Final transactions related to this interest closed in the third quarter of 2018.
Continued Natural Gas Expansion and Sustainability Focus
In January, Algonquin’s renewable energy group issued C$300 million of senior unsecured debentures representing the company’s inaugural “green bond.”
In June, Algonquin’s regulated utility business received approval to proceed with acquiring three wind farms which, once completed, would generate up to 600 megawatts of renewable energy in Missouri and Kansas.
In the fall, Algonquin 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 and International Expansion
In February, Algonquin announced its leadership succession plan with Arun Banskota taking on the role of CEO in July, after the retirement of Ian Robertson.
In April, Algonquin announced a US$500,000 donation to support communities within its service territories during the COVID-19 pandemic.
In the fall, Algonquin 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 1 million+. The company also announced the rebranding of its two service groups to “Liberty.”
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