Renewable power stocks with gains ahead

Article Excerpt

ALGONQUIN POWER & UTILITIES CORP. $4.88 (Toronto symbol AQN; Shares outstanding: 95.1 million; Market cap: $464.1 million; TSINetwork Rating: Extra Risk; Dividend yield: 4.9%; holds interests in 47 hydroelectric plants in Canada and the northeastern U.S., as well as 14 thermal-energy facilities. Wholly owned Liberty Water Co. owns 19 U.S. water-distribution and waste-water plants. The company also has a partnership with Emera Inc. (Toronto symbol EMA), which is a recommendation of The Successful Investor, our affiliated publication. Under this partnership, called Liberty Energy Utilities, Algonquin and Emera plan to buy the assets of California-based electricity generator NV Energy, which serves 47,000 customers in the Lake Tahoe region. When regulators approve the deal, likely in early 2011, Emera will also pay $30.9 million for a 9.9% stake in Algonquin. Algonquin is building its 26.4-megawatt Red Lily wind farm in Saskatchewan. The company expects the $67.7-million project to start generating power in early 2011. Algonquin has already signed an agreement with SaskPower, the…

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