M&A Deal Summary

Algonquin Acquires Cornwall Solar

On January 4, 2012, Algonquin acquired renewable energy company Cornwall Solar from EffiSolar Energy for 8M USD

Acquisition Highlights
  • This is Algonquin’s 3rd transaction in the Renewable Energy sector.
  • This is Algonquin’s 6th largest (disclosed) transaction.
  • This is Algonquin’s 2nd transaction in Canada.
  • This is Algonquin’s 2nd transaction in Ontario.

M&A Deal Summary
Date 2012-01-04
Target Cornwall Solar
Sector Renewable Energy
Buyer(s) Algonquin
Sellers(s) EffiSolar Energy
Deal Type Divestiture
Deal Value 8M USD

Target

Cornwall Solar

Ontario, Canada
Cornwall Solar owns the rights to develop a 10 MWac solar project located near Cornwall.

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Buyer(S) 1

Buyer

Algonquin

Oakville, Ontario, Canada
Category Company
Founded 1988
Sector Renewable Energy
Employees3,946
Revenue 2.7B USD (2023)
DESCRIPTION

Algonquin is a renewable energy and regulated utility company with assets across North America. The Corporation actively invests in hydroelectric, wind and solar power facilities, and sustainable utility distribution businesses (water, electricity and natural gas) through its two operating subsidiaries. Algonquin Power Company owns a direct or indirect equity interest in 20 hydroelectric generating facilities, 5 wind energy facilities, and 7 thermal energy facilities. Algonquin was founded in 1988 and is based in Oakville, Canada.

DEAL STATS #
Overall 7 of 17
Sector (Renewable Energy) 3 of 10
Type (Divestiture) 6 of 11
State (Ontario) 2 of 2
Country (Canada) 2 of 2
Year (2012) 1 of 3
Size (of disclosed) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-21 Wind energy development projects

United States

Wind energy development projects,LLC engages in the production of wind power.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-09 Minonk wind farm

Minonk, Illinois, United States

Minonk wind farm consists of 100 Gamesa G90-2.0 MW turbines installed on 100 meter towers, and produces 200 MWs of electrical power. Mortenson’s scope of work on the Minonk project includes the construction of 24 miles of access roads, foundations, turbine erection, 49 miles of underground collection, and construction of the O & M building.

Buy -

Seller(S) 1

SELLER

EffiSolar Energy

Coquitlam, British Columbia, Canada
Category Company
Sector Renewable Energy
DESCRIPTION

EffiSolar Energy Corporation is a North American utility-scale solar power project developer committed to delivering clean, renewable electricity from solar farms in Ontario, New Jersey and across North America, using affordable and efficient solar energy technologies.

DEAL STATS #
Overall 1 of 1
Sector (Renewable Energy) 1 of 1
Type (Divestiture) 1 of 1
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2012) 1 of 1
Size (of disclosed) 1 of 1
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