Algonquin plans to sell renewable energy division

) new interim CEO says the renewable energy business the company intends to sell to improve its balance sheet has already received interest from potential buyers, suggesting the assets will be "very attractive to the marketplace."

Algonquin's Toronto-listed stock fell 3.29 per cent to $7.51 as at 10:41 a.m. ET on Thursday. Shares are down more than 43 per cent over the past 12 months. "Clean, affordable and reliable energy and water will be the focus of our regulated business," Huskilson said on Thursday. "We're not going to give these assets away," Huskilson said. "We have actually had inbounds already, and some very interesting opportunities where people are interested in new portfolios, and this is one. It is a portfolio at scale. It has a tremendous development pipeline, and we think it's going to be very attractive to the marketplace."

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Algonquin Power and Utilities Corp. to Sell Renewable Energy DivisionAlgonquin Power and Utilities Corp. has announced its plans to sell its renewable energy division, following demands from activist investors for a substantial restructuring. The company aims to focus on regulated investment opportunities and improve operational efficiency. The proceeds from the sale will be used to reduce debt and fund stock buybacks, while maintaining the current dividend and investment grade BBB credit rating.
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