Arun Banskota
is Appointed President
This news release constitutes a "designated news release" for
the purposes of the Company's prospectus supplement dated
February 28, 2019 to its short form
base shelf prospectus dated September 18,
2018.
OAKVILLE, ON, Feb. 5, 2020 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC" or "the Company") (TSX/NYSE: AQN) announced
today the appointment of Arun
Banskota to the newly-created position of President.
Mr. Banskota will work closely with Chief Executive Officer
Ian Robertson and other members of
the Executive Team to transition into the role of Chief Executive
Officer in 2020.
The APUC Board of Directors and Mr. Robertson recognize the
importance of succession planning and view the appointment of
Arun Banskota as a natural
progression for the Company's continued success and
growth.
"Arun brings to APUC a unique combination of experience in
renewable energy development, construction, financing, energy
marketing and operations, with proven P&L responsibility and a
results-driven leadership style," said APUC Chairman Ken Moore. "This experience, together with his
hands-on knowledge of the role of disruptive technology innovation
in the marketplace, puts APUC in a very strong position to build on
the outstanding growth and financial performance achieved over the
past three decades."
Mr. Banskota was previously Managing Director, Global Power, El
Paso Corporation, where he had P&L responsibility for a 6,500
MW global portfolio of 32 power plants, project development and
approximately 10,000 employees. He was also on the leadership team
for a large-scale solar power company and has successfully managed
project development and financing for solar, wind, and natural gas
projects. Mr. Banskota served as President and CEO of EVGo, a
high growth start-up division of NRG created to build scale and
presence in the emerging electrical vehicle sector. Most recently,
as Vice President, Data Center Global Services and Energy Team at
Amazon.com, he was responsible for the planning, engineering, and
delivery of datacenter capacity for Amazon Web Services, an
extremely high growth global market-leader of cloud services.
"I look forward to working with Arun to ensure a seamless
management transition," said CEO Ian
Robertson. "I am extremely proud of what APUC has achieved
over the last 30 years and our five-year, $9.2 billion capital plan positions APUC for
continued success and growth in the years ahead."
Following the transition, Mr. Robertson is expected to continue
to contribute to the Company through a collaborative investment
platform focused on identifying and partnering with APUC on growth
and development opportunities.
Pending Chief Financial Officer Retirement
APUC also announced today that David
Bronicheski, Chief Financial Officer, is retiring in the
fall of 2020, and that Arthur
Kacprzak, Vice President, Treasury and Treasurer, has
been promoted to Senior Vice President and Deputy Chief Financial
Officer.
"After 12 years as CFO for one of North America's fastest growing utilities, I
have chosen to retire later this year to spend more time with
family," stated David
Bronicheski. "I am proud of our finance and treasury
team which I believe is one of the finest in the industry and which
will continue the strong financial policies that have contributed
to Algonquin's success."
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and
distribution utility with approximately US$11 billion of total assets. Through its two
business groups, APUC is committed to providing safe, reliable and
cost effective rate-regulated natural gas, water, and electricity
generation, transmission and distribution utility services to
approximately 801,000 connections in the
United States and Canada,
and is a global leader in renewable energy through its portfolio of
long-term contracted wind, solar and hydroelectric generating
facilities representing over 2.5 GW of net installed capacity and
more than 500 MW of incremental renewable energy capacity under
construction.
APUC delivers continuing growth through an expanding global
pipeline of renewable energy, electric transmission, and water
infrastructure development projects, organic growth within its
rate‐regulated generation, distribution and transmission
businesses, and the pursuit of accretive acquisitions. APUC's
common shares, Series A preferred shares, and Series D preferred
shares are listed on the Toronto Stock Exchange under the symbols
AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018‐A
subordinated notes and Series 2019‐A subordinated notes are
listed on the New York Stock Exchange under the symbols AQN, AQNA
and AQNB. Visit APUC at
www.algonquinpowerandutilities.com and follow us on Twitter
@AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute
"forward-looking information" within the meaning of applicable
securities laws in each of the provinces of Canada and the respective policies,
regulations and rules under such laws and "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
statements"). The words "will", "expects", "intends" and similar
expressions are often intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Specific forward-looking statements
contained in this news release include, but are not limited to,
statements regarding succession planning, including the expectation
that Mr. Banskota will transition into the role of Chief Executive
Officer in 2020, and statements regarding the establishment of a
collaborative investment platform involving Mr. Robertson. These
statements are based on factors or assumptions that were applied in
drawing a conclusion or making a forecast or projection, including
assumptions based on historical trends, current conditions and
expected future developments. Since forward-looking statements
relate to future events and conditions, by their very nature they
require making assumptions and involve inherent risks and
uncertainties. APUC cautions that although it is believed that the
assumptions are reasonable in the circumstances, these risks and
uncertainties give rise to the possibility that actual results may
differ materially from the expectations set out in the
forward-looking statements. Material risk factors include those set
out in APUC's most recent annual and interim management's
discussion and analysis and most recent annual information form.
Given these risks, undue reliance should not be placed on these
forward-looking statements, which apply only as of their dates.
Other than as specifically required by law, APUC undertakes no
obligation to update any forward-looking statements to reflect new
information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.