RWEOY - Algonquin buys majority stake in Texas wind farms from RWE in ~$600M deal

Algonquin Power (AQN) agrees to acquire a 51% stake in a portfolio of four wind facilities in Texas from RWE Group (RWEOY) at price corresponding to an enterprise value of ~$600M.Algonquin says the wind facilities in the south Texas coastal region will have an aggregate capacity of 861 MW; two facilities, representing 421 MW of the total portfolio, already have achieved commercial operations, with the two remaining facilities will achieve commercial operations in late 2020 and early 2021, respectively.Algonquin also announces a $9.4B capital plan for 2021-25, with 70% expected to be invested by the Regulated Services Group and 30% by the Renewable Energy Group.The company also expects adjusted net EPS of $0.71-$0.76 for FY 2021, and forecasts 8%-10% compound annual growth in adjusted net EPS for the 2021-25 period.Algonquin has "a solid growth history in both financial metrics and dividend increases" and is "a long-term hold," Graham Grieder writes

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Algonquin buys majority stake in Texas wind farms from RWE in ~$600M deal