Algonquin Power & Utilities Corp. Announces Closing of Acquisition of Further Investment in U.S. Wind Generation

 Algonquin Power & Utilities Corp. Announces Closing of Acquisition of Further  Investment in U.S. Wind Generation  OAKVILLE, ON, March 31, 2014 /CNW/ - Algonquin Power & Utilities Corp.  ("APUC") (TSX: AQN) today announced the closing of the acquisition of the  remaining 40% of the 400 MW wind power portfolio (the "Projects") in the  United States from Gamesa Wind US, LLC ("Gamesa") for total consideration of  approximately US$115 million.  Prior to today, APUC owned a 60% controlling interest in the Projects which  were originally acquired through a newly formed partnership whose original  members included APCo, Gamesa and certain tax equity investors. The 400 MW  wind portfolio consists of three facilities, Minonk (200MW), Senate (150MW),  and Sandy Ridge (50MW) located in the states of Illinois, Texas, and  Pennsylvania, respectively.  APUC has been the majority owner and manager of the Projects since 2012 when  commercial operation was achieved, therefore no additional ongoing management  or administrative costs are expected to be incurred. Gamesa will continue to  provide operations, warranty and maintenance services for the wind turbines  and balance of plant facilities under 20 year contracts.  Substantially all of the energy from the Projects is sold under fixed price  power sales contracts including long term hedge agreements with a remaining  weighted average life of 11 years; ancillary services including capacity and  renewable energy credits are contracted into the energy markets in which the  facilities are located.  "With little additional overhead costs anticipated, we expect investment in  the full ownership of this portfolio of high quality wind assets to contribute  accretive, low risk earnings and cash flow to APUC", commented Chief Executive  Officer Ian Robertson. "We are very pleased to be the sole owner of these  assets and we see tremendous opportunity to grow our portfolio by leveraging  the expertise we have gained in the U.S. power markets in which these wind  facilities operate".     About Algonquin Power & Utilities Corp.  Algonquin Power & Utilities Corp. owns and operates a diversified $3.5 billion  portfolio of regulated and non-regulated utilities in North America. The  regulated utility business provides water, electricity and natural gas utility  services to over 470,000 customers through a portfolio of regulated  generation, transmission and distribution utility systems. The non-regulated  electric generation subsidiary owns or has interests in renewable energy and  thermal energy facilities representing more than 1,100 MW of installed  capacity. Algonquin Power & Utilities Corp. delivers continuing growth through  an expanding pipeline of renewable power and clean energy projects, organic  growth within its regulated utilities and the pursuit of accretive acquisition  opportunities. Common shares and preferred shares are traded on the Toronto  Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. Visit Algonquin  Power and Utilities at www.AlgonquinPowerandUtilities.com and follow us on  Twitter @AQN_Utilities.  Caution Regarding Forward-Looking Information  Certain statements included in this news release contain information that is  forward-looking within the meaning of certain securities laws, including  information and statements regarding prospective results of operations,  financial position or cash flows. These statements are based on factors or  assumptions that were applied in drawing a conclusion or making a forecast or  projection, including assumptions based on historical trends, current  conditions and expected future developments. Since forward-looking statements  relate to future events and conditions, by their very nature they require  making assumptions and involve inherent risks and uncertainties. APUC cautions  that although it is believed that the assumptions are reasonable in the  circumstances, these risks and uncertainties give rise to the possibility that  actual results may differ materially from the expectations set out in the  forward-looking statements. Material risk factors include those set out in the  management's discussion and analysis section of APUC's most recent annual  report, quarterly report, and APUC's Annual Information Form. Given these  risks, undue reliance should not be placed on these forward-looking  statements, which apply only as of their dates. Other than as specifically  required by law, APUC undertakes no obligation to update any forward-looking  statements or information to reflect new information, subsequent or otherwise.    SOURCE  Algonquin Power & Utilities Corp.  Kelly Castledine, Algonquin Power & Utilities Corp., 2845 Bristol Circle,  Oakville, Ontario, L6H 7H7, Telephone:  (905) 465-4500, Website:  www.AlgonquinPowerandUtilities.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/March2014/31/c1319.html  CO: Algonquin Power & Utilities Corp. ST: Canada NI: OIL MNA