APUC Pulls $83M Pledge To Invest In Wind Project

Law360, New York (January 30, 2012, 4:41 PM EST) -- Canadian energy investor Algonquin Power & Utilities Corp. on Friday withdrew its $83 million pledge to acquire a minority interest in one of First Wind Holdings LLC's wind portfolios through a joint venture with Emera Inc. after troubles securing approval from Maine regulators.

APUC says it will not acquire an approximate 12.5 percent stake in Boston-based First Wind's Northeast 370-megawatt wind portfolio because of opposition from Maine regulators in having a utility own a power generator. The proposed partnership of APUC, First Wind and Emera under...
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