Jan 27 Canada's Algonquin Power and
Utilities Corp said it would not go ahead with its
planned $83 million purchase of a minority stake in U.S.-based
wind farm operator First Wind Holdings, citing regulatory delays
"The longer than anticipated regulatory process in Maine,
together with the transactions we have announced since April
2011 have contributed to our decision not to proceed with the
investment", Algonquin CEO Ian Robertson said in a statement.
However, Algonquin Power's partner Emera Inc will
not back out from its deal to buy about 37 percent of First
Wind's projects in northeast United States.
The deal was originally announced last April where Emera
and Algonquin had agreed to operate First Wind's projects in
northeast United States.
In October 2010, First Wind Holdings canceled its IPO after
cutting its expected price range by 24 percent and facing
investor skepticism about its balance sheet and wind industry