Algonquin Power & Utilities Corp. ( AQN Quick Quote AQN - Free Report) plans to offer equity units worth $900 million to the public, subject to market conditions and other factors. This marks the fourth "green" offering made by the company or its subsidiaries. In line with its Green Financing Framework, the company plans to use the net proceeds from the offering to finance or refinance investments in renewable energy generation projects or other clean energy technologies. The utility expects to provide the underwriters with an option to buy up to an extra 15% of the units issued within 13 days from the date of pricing of the offering. These units will be listed on the New York Stock Exchange and commence trading within 30 days from the initial issuance. Company’s Capital Plans
The company continues with its clean energy projects in its portfolio through acquisitions and organic initiatives. In the March quarter, the utility completed its Midwest Greening the Fleet Initiative, which included adding wind energy capacity worth 600 megawatts (MWs) in the U.S. Midwest. Also, the Renewable Energy Group — a business group of the company — acquired 51% interest in three of four wind facilities, which were bought from RWE Renewables Americas, LLC, a subsidiary of
RWE AG ( RWEOY Quick Quote RWEOY - Free Report) . While the three projects are operational with 621 MW of capacity, the fourth wind facility is expected to begin operations in the current quarter and add a capacity worth 240 MW. Moreover, in April, full operations began at the company’s 492-MW Maverick Creek Wind Facility in Texas.
At the end of 2020, the company’s generation capacity comprised 55% of renewables with a target set to reach 75% by 2023. Also, within last year, it reduced greenhouse gas (GHG) emissions by 1 million metric tons from the 2017 base levels, well ahead of the target year of 2023. The utility has a five-year capital plan of $9.4 billion commencing this year, of which 30% is expected to be invested by the Renewable Energy Group. In 2021, the company is expected to add 1,400 MW of new renewables to its portfolio.
Other electric utilities are also adopting measures to supply clean and reliable energy to their customers. Some of the companies planning to provide absolute clean energy by 2050 are Duke Energy ( DUK Quick Quote DUK - Free Report) and Alliant Energy ( LNT Quick Quote LNT - Free Report) . Zacks Rank & Price Performance
In the past month, shares of this currently Zacks Rank #3 (Hold) company have gained 4.3%, outperforming the
industry’s rise of 1.7%. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here One-Month Price Performance Image Source: Zacks Investment Research Time to Invest in Legal Marijuana
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