Algonquin Power & Utilities Corp. (AQN.TO) announced that it plans not to proceed with the previously announced investment in First Wind Holdings, LLC's wind portfolio in the North East United States.
The initial joint announcement with Emera Inc. (EMA.TO) in April 2011 had contemplated Algonquin Power & Utilities acquiring a minority interest of approximately 12.5% in the Portfolio, representing an approximate US $83 million investment.
"Although First Wind is a developer of high quality wind projects, the longer than anticipated regulatory process in Maine, together with the transactions we have announced since April 2011 have contributed to our decision not to proceed with the First Wind investment. Notwithstanding this decision, we remain solidly focused on gaining regulatory approval in Maine for the advancement of our Strategic Investment Agreement with Emera," said Ian Robertson , Chief Executive Officer of APUC.
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