Algonquin Power & Utilities Corp. Completes Acquisition of New York American Water Company, Inc.

PVTIME – January 3, 2022, Algonquin Power & Utilities Corp. (“AQN” or the “Company”) (TSX: AQN) (NYSE: AQN) announced that Liberty Utilities (Eastern Water Holdings) Corp. , a wholly-owned subsidiary of AQN’s  regulated utility operating subsidiary, Liberty Utilities Co. (“Liberty”), has successfully completed the previously-announced acquisition of New York American Water Company, Inc. (“New York American Water”) from American Water Works Company, Inc. for a purchase price of approximately $608 million.

Headquartered in Merrick, NY, New York American Water is a regulated water and wastewater utility serving over 125,000 customer connections across seven counties in southeastern New York. New York American Water’s operations include approximately 1,270 miles of water mains and distribution lines, with 98% of customers in Nassau County on Long Island.

“We are pleased to complete this important water utility acquisition, and to bring New York American Water’s employees and customers into the Liberty family,” said Arun Banskota, President and Chief Executive Officer of AQN. “Since announcing the transaction, we have been working closely with the New York American Water team and local authorities and regulators in an effort to facilitate a smooth transition of services, and to understand the needs of our customers in these communities. We have a strong track record as a water utility owner and operator, and we are eager to bring that expertise to Long Island.”

Under Liberty’s operating model, local operations teams will be empowered to deliver the safe and reliable service that customers expect. To that end, Liberty plans to bring the customer service function back to Long Island, which is expected to increase local employment and improve the quality of service provided to customers.

All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.