07:57 AM EDT, 08/09/2024 (MT Newswires) -- Algonquin Power & Utilities ( AQNB ) said Friday it has entered into a definitive agreement to sell its renewable energy business, excluding hydro, to a wholly owned subsidiary of LS Power for up to $2.5 billion, excluding debt.

Under terms of the deal, Algonquin will receive $2.28 billion in cash at closing and up to $220 million in cash pursuant to an earn out agreement relating to certain wind assets. The transaction is expected to close in Q4 of this year or Q1 of 2025.

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