Algonquin Power Q4 And 2020 Financial Results

March 8, 2021 | 0 Comments

Algonquin Power & Utilities Corp — the parent company of Ascendant and BELCO –  announced financial results for the fourth quarter and year-ended December 31, 2020.

In reporting that they surpassed a “milestone of over one million customer connections,” Algonquin noted their acquisition of Ascendant Group and BELCO.

The company said, “During the fourth quarter of 2020, the Company announced the completion of two new regulated utility acquisitions.

“Empresa de Servicios Sanitarios de Los Lagos S.A. [ESSAL] is a vertically integrated, regional water and wastewater provider with approximately 239,000 customer connections in Southern Chile, of which AQN initially acquired approximately 94% of outstanding shares, and currently indirectly owns approximately 64% of the outstanding shares.

“Also during the fourth quarter, the Company successfully completed its acquisition of Ascendant Group Limited, which, through its major subsidiary, Bermuda Electric Light Company Limited [BELCO], is the sole electric utility in Bermuda, providing regulated electrical generation, transmission and distribution services to approximately 36,000 customer connections.

“With the completion of these two acquisitions, AQN’s Regulated Services Group has expanded and diversified its geographical footprint into new high quality jurisdictions, and now serves more than one million customer connections.

Fourth Quarter and Full Year Financial Highlights, prices in US/BDA dollars:

  • Annual revenues of $1,677.1 million, an increase of 3%;
  • Annual Adjusted EBITDA1 of $869.5 million, an increase of 4%;
  • Annual Adjusted Net Earnings1 of $365.8 million, an increase of 14%;
  • Annual Adjusted Net Earnings1 per share of $0.64, an increase of 2%;
  • Fourth quarter revenues of $492.4 million, an increase of 12%;
  • Fourth quarter Adjusted EBITDA1 of $253.1 million, an increase of 10%;
  • Fourth quarter Adjusted Net Earnings1 of $127.0 million, an increase of 23%; and,
  • Fourth quarter Adjusted Net Earnings1 per share of $0.21, an increase of 5%, in each case on a year-over-year basis.

“We are pleased to report solid fourth quarter and full year 2020 results, which, despite the year’s challenges due to the Covid-19 pandemic, reflect year-over-year growth in all of our key financial metrics and several exciting new growth initiatives,” said Arun Banskota, President and Chief Executive Officer of AQN.

“We remain confident that our robust $9.4 billion capital expenditure plan from 2021 through 2025 will continue to drive further growth in earnings and cash flows.”

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