Algonquin Power & Utilities Corp (TSX:AQN)
Shares Issued 673,677,465
Last Close 8/15/2022 $18.77
Tuesday August 16 2022 - News Release
Mr. Jeff Norman reports
LIBERTY COMPLETES ACQUISITION OF RENEWABLE NATURAL GAS (RNG) PLATFORM AND PARTNERS ON HYDROGEN HUB PROJECT
Liberty (RNG) LLC, a wholly owned subsidiary of Algonquin Power & Utilities Corp. has completed its acquisition of Sandhill Advanced Biofuels LLC. Sandhill is a developer of renewable natural gas ("RNG") anaerobic digestion projects located on dairy farms, with a portfolio of four projects in the state of Wisconsin. The completion of this acquisition represents the Company's first investment in non-regulated renewable natural gas.
"The Sandhill portfolio of projects is an important one for Liberty: it gives us an opportunity to apply our expertise in renewable development to an energy-generation method known for its low net carbon intensity, and gives us a strategic foothold in a highly attractive sector of the RNG market," said Jeff Norman, Chief Development Officer, AQN. "More and more, our corporate customers are demanding renewable energy sources to fuel their operations. In conjunction with our investments in wind, solar and hydro, RNG will help us expand our renewables capabilities, and get us closer to meeting our net-zero goals."
Once all four projects are fully operational, they will sequester methane from dairy operations to produce an aggregate of ~500 MMBTU/day of RNG for the transportation sector. The farm-based biodigesters and upgrading systems use anaerobic digestions to produce negative carbon-intensity RNG which is injected into the natural gas pipeline system, displacing carbon-based natural gas. Additionally, the projects are expected to provide local farmers with ancillary revenue and support their efforts to optimize waste management and reduce greenhouse gas (GHG) emissions.
Two of the sites are now fully operational with the other two anticipated to come online in 2023. "We're keen to apply our development skills to projects in the RNG space," Mr. Norman added, "and, in the spirit of our company's business model and values, we remain committed to working with local stakeholders as we seek to build out this new business segment."
In addition, continuing its investment into innovative clean energy fuel solutions, Liberty has signed on as one of over forty hydrogen ecosystem partners participating in a multi-state agreement led by New York Governor Kathy Hochul and New York State Energy Research and Development Authority (NYSERDA). The consortium of partners will contribute to the development of a proposal to become one of at least four regional clean energy hydrogen hubs to support New York's Climate Leadership and Community Protection Act goal to reduce GHG emissions 85 percent by 2050.
Mr. Norman noted, "Liberty is committed to delivering innovative clean energy solutions to its customers and communities, and forging strategic partnerships with like-minded public and private stakeholders focused on advancing the adoption of cost-effective, clean energy solutions for a collective sustainable future."
About Algonquin Power & Utilities Corp. and Liberty
Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with over $17 billion of total assets. Through its two business groups, the Regulated Services Group and the Renewable Energy Group, AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. AQN is a global leader in renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities. AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity.
AQN is committed to delivering growth and the pursuit of operational excellence in a sustainable manner through an expanding global pipeline of renewable energy and electric transmission development projects, organic growth within its rate-regulated generation, distribution, and transmission businesses, and the pursuit of accretive acquisitions and value enhancing recycling of assets.
AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares, Series 2018-A subordinated notes, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNA, AQNB, and AQNU, respectively.
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