OAKVILLE, ON, Oct. 23 /CNW/ - Algonquin Power Income Fund (the "Fund" or
"Algonquin Power") today announced that a definitive agreement has been signed
between Algonquin Power Fund (America) Inc., an affiliate of the Fund and
Fortistar LLC regarding the sale of six landfill gas powered generating
stations and other related landfill gas assets owned by the Fund for
US$11.69 million, subject to certain adjustments. The transaction is expected
to close in November, 2007.
The landfill gas assets are comprised of six facilities representing
approximately 18MW of installed generating capacity with five facilities in
California (15MW), and one facility in New Hampshire (3MW). These facilities
were no longer considered strategic to the ongoing operations of the Fund.
"Algonquin Power's accretive disposition of the California and New
Hampshire landfill gas generating businesses will allow the Fund to narrow the
focus of its management efforts on other, larger renewable energy generation
and sustainable infrastructure projects," commented Ian Robertson, a senior
manager of the Fund. "Given the relatively small size of the landfill gas
investments of the Fund, the sale should not be construed as a strategic
portfolio shift for Algonquin Power, with our continuing focus on renewable
and energy efficient generation unchanged."
About Algonquin Power
Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of renewable power generation and sustainable
infrastructure assets across North America, including 47 hydroelectric
facilities, five natural gas-fired cogeneration facilities, one wind energy
facility, 7 alternative fuels facilities and 17 water distribution and
waste-water facilities. Algonquin Power was established in 1997 to provide
investors with sustainable, highly stable cash flows through a diversified
portfolio of renewable energy assets. Algonquin Power's units and convertible
debentures are traded on the Toronto Stock Exchange under the symbols APF.UN,
APF.DB & APF.DB.A and units are included in the S&P/TSX Composite Index.
For further information:
For further information: Kelly Castledine, Algonquin Power Income Fund,
2845 Bristol Circle, Oakville, Ontario, L6H 7H7, (905) 465-4500, Fax (905)