Algonquin Power & Utilities agreed Aug. 28 to sell its roughly 64% stake in Chilean water utility Suralis to a Toesca-managed fund for $126.5 million in cash, plus a potential earnout of up to $1.5 million. The deal supports management’s shift toward regulated utilities.
In Q2 2026, Algonquin’s net earnings fell to $4.9 million from $14.8 million a year earlier. Adjusted earnings per share held at $0.04, but adjusted earnings declined to $29.2 million from $33.6 million. Regulated Services earnings dropped to $30 million from $43.9 million, mainly after a $17.2 million pre-tax write-off for California wildfire cost accruals. California regulators proposed allowing about $58.1 million in recovery—75% of the amount requested—but final approval is pending.
Algonquin plans to use the sale proceeds to pay down borrowings and help fund its $3.2 billion capital plan for 2026–28. The company expects the transaction to close within the next two quarters, subject to customary conditions and merger-control clearances. Missouri approved a $97 million revenue adjustment for Empire Electric, phased in over three years from Aug. 3; Kansas approved $8.8 million in additional annual rates effective Aug. 1.
