First Wind Holdings Inc., Algonquin Power and Utilities Corp., and Emera Inc. have entered into an agreement to jointly construct, own, and operate wind energy projects in the Northeast, including projects in Maine and Vermont, the three companies said in a press release issued over the weekend.
Boston-based First Wind has a portfolio of five operating wind energy projects and two projects about to go operational. Those assets will become part of an operating company that First Wind will own 51 percent of, the press release said. Emera and Algonquin, both based in Canada, are entering into a joint venture called Northeast Wind that will own the remaining 49 percent of the operating company.
Last year, First Wind drew up plans to go public with an initial public stock offering. In October, First Wind suddenly pulled the plug on the planned IPO after investor demand went slack.
Commenting on First Wind's agreement with Algonquin Power and Emera, a First Wind spokesman wrote in an e-mail that First Wind is excited about this new agreement "because it provides a significant amount of capital so we can build more projects down the road."
Emera and Algonquin have scheduled an analyst call for this morning to discuss the agreement.
Algonquin Power & Utilities owns and operates a diversified portfolio of clean renewable electric generation and sustainable utility distribution businesses in North America.
Emera is an energy and services company with $6.3 billion in assets and revenues of $1.6 billion.
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