Algonquin Power & Utilities Corp. says it has signed a deal to sell a stake in a portfolio of operating wind projects in the United States and Canada to InfraRed Capital Partners.
The deal includes a 49 per cent stake in three operating wind facilities in the United States totalling 551 megawatts of installed capacity and an 80 per cent interest in the 175-MW Blue Hill Wind Facility in Saskatchewan.
AQN says total cash proceeds from the deal are expected to be about US$277 million for the U.S. facilities and C$107 million for the Canadian operations, subject to customary closing adjustments.
The company will continue to oversee day-to-day operations and provide management services.
The transaction is expected to close in the fourth quarter.
InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life Financial Inc.