Algonquin Power & Utilities Corp. restores the stock program to the market

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OAKVILLE, ON, August 15, 2022 /PRNewswire/ – Algonquin Power & Utilities Corp. (“AQN”) (TSX: AQN) (NYSE: AQN) announced today that it has reinstated its market share program (the “ATM Program”). The ATM program allows AQN to broadcast to the United States$500 million (or the Canadian dollar equivalent) of AQN common stock from treasury (“Common Stock”) to the public from time to time, at AQN’s discretion, at the prevailing market price when issued on the Toronto Stock Exchange (the “TSX”), the New York Stock Exchange (the “NYSE”) or any other existing trading market for the common shares in Canada Where United States. The ATM program is reinstated after having expired following the withdrawal by AQN of its previous base shelf prospectus dated April 3, 2020 in connection with the filing of its current base shelf prospectus dated November 18, 2021.

The ATM Program provides AQN with additional funding flexibility should it become necessary or desirable in the future, and the volume and timing of ATM Program distributions, if any, will be determined at the sole discretion of AQN. ‘AQN. The ATM program will be in effect until December 19, 2023 unless terminated prior to such date by AQN or otherwise pursuant to the terms of the Share Distribution Agreement dated August 15, 2022 (the “Share Distribution Agreement”). AQN intends to use the net proceeds of the ATM program, if any, to fund acquisitions, general and administrative expenses, working capital requirements, debt repayment and/or other general purposes. of the company.

Sales of Common Shares through the ATM Program will be made pursuant to the terms of the Share Distribution Agreement between AQN and RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc. (collectively, the “Canadian Agents”) and RBC Capital Markets, LLC, CIBC World Markets Corp., National Bank Financial of Canada Inc., Scotia Capital (UNITED STATES) Inc. and TD Securities (UNITED STATES) LLC (the “U.S. Agents” and, together with the Canadian Agents, the “Agents”).

Since common shares will be distributed at market prices prevailing at the time of sale, prices may vary between purchasers and during the distribution period. The ATM program is reinstated pursuant to a prospectus supplement dated August 15, 2022 (the “Canadian Prospectus Supplement”) to AQN’s Canadian base shelf prospectus dated November 18, 2021 (the “Shelf Prospectus”) and pursuant to a Prospectus Supplement dated August 15, 2022 (the “U.S. Prospectus Supplement”) to AQN’s U.S. base shelf prospectus dated November 18, 2021 (the “U.S. Shelf Prospectus”) included in its United States registration statement on Form F-10 (the “Registration Statement”), filed with the United States Securities and Exchange Commission. The Canadian Prospectus Supplement, Shelf Prospectus and Share Offering Agreement have been filed and are available on SEDAR at www.sedar.com and the U.S. Prospectus Supplement, U.S. Shelf Prospectus, Registration Statement and Share Distribution Agreement have been filed and are available on EDGAR at www.sec.gov. Alternatively, the Agents will arrange to send copies of the Canadian Prospectus Supplement and Shelf Prospectus or the United States Prospectus Supplement, United States Shelf Prospectus and Registration Statement, as applicable, upon request by contacting Canada:

RBC Dominion Securities Inc. by mail to RBC Wellington Square, 8th Floor, 180 Wellington Street West, Toronto, OntarioM5J 0C2, Attn: Distribution Center or by e-mail at [email protected].

CIBC World Markets Inc. by mail to 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by phone at 416-956-6378 or by email at [email protected].

Scotia Capital Inc. by mail to Scotia Plaza, 64th Floor, 40 King Street West, Toronto, ON M5H 3Y2, Attention: Equity Capital Markets, by email at [email protected] or by phone at 416-863-7704.

National Bank Financial Inc. by mail at 130 King St W Suite 3200, Toronto, ON M5X 1J9, by email at [email protected] or by phone at 416-869-8575.

TD Securities Inc. by mail at 1625 Tech Avenue, Mississauga, ON L4W 5P5, Attn: Symcor, NPM, via email at [email protected] or by phone at 289-360-2009.

or in the United States:

RBC Capital Markets, LLC by mail to 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Attn: Equity Syndicate, via email at [email protected] or by phone at 877.822.4089.

CIBC World Markets Corp. by email to [email protected].

National Bank of Canada Financial Inc. by mail at 65 East 55th Street, 8th Floor, New York, NY 10022, by email to [email protected] or by phone at 416-869-8575.

Scotia Capital (UNITED STATES) Inc. by mail to 250 Vesey Street, 24th Floor, New York, NY 10281, Attention: Equity Capital Markets, by email at [email protected] or by phone at 212-225-6853.

TD Securities (UNITED STATES) LLC by mail to 1 Vanderbilt Avenue, New York, NY10017, Attention: Equity Capital Markets, or by email at [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy, and there will be no sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful. prior to registration or qualification under the applicable securities laws of any jurisdiction.

All dollar amounts referenced herein are in US dollars, unless otherwise specified.

About Algonquin Power & Utilities Corp. and Liberty

Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission and distribution utility with over $17 billion of total assets. Through its two business groups, the Regulated Services Group and the Renewable Energy Group, AQN is committed to providing safe, secure, reliable, cost-effective and sustainable energy and water solutions through its portfolio of investments in electric power generation, transmission and distribution utilities. to more than one million customer connections, mainly in United States and Canada. AQN is a global leader in renewable energy with its portfolio of wind, solar and hydroelectric generation facilities under long-term contract. AQN owns, operates and/or has a net interest in over 4 GW of installed renewable energy capacity.

AQN is committed to driving growth and pursuing operational excellence in a sustainable manner through an expanding global pipeline of renewable energy and power transmission development projects, organic growth within its businesses production, distribution and transmission at regulated tariffs, and the pursuit of accretive activities, acquisitions and recycling that add value to assets.

The common shares, Series A Preferred Shares and Series D Preferred Shares of AQN are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A and AQN.PR.D, respectively. The common stock, Series 2018-A Subordinated Notes, Series 2019-A Subordinated Notes and Units of AQN trade on the New York Stock Exchange under the symbols AQN, AQNA, AQNB and AQNU, respectively.

Caution Regarding Forward-Looking Statements

Certain statements included in this press release constitute “forward-looking information” within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). , “intends”, “expects” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Specific forward-looking statements in this press release include the anticipated sale and distribution of common stock under the ATM program, the volume and timing of the sale and distribution of common stock under the ATM program and the intended use of the product in connection with the ATM program These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. events and conditions, by their very nature, require assumptions and involve inherent risks and uncertainties. AQN cautions that while the assumptions are believed to be reasonable under the circumstances, these risks and uncertainties give rise to the possibility that actual results could differ materially from the expectations set forth in the forward-looking statements. Significant risk factors and assumptions include those set forth in AQN’s MD&A and Annual Information Form for the year ended December 31, 2021and in AQN’s management report for the three and six month periods ended June 30, 2022 (the “Interim MD&A”), each available on SEDAR and EDGAR, and those set forth in the Canadian Prospectus Supplement and the United States Prospectus Supplement. In view of these risks, undue reliance should not be placed on these forward-looking statements, which speak only as of their dates. Except as specifically required by law, AQN assumes no obligation to update forward-looking statements to reflect new information, whether subsequent or not.

SOURCEAlgonquin Power & Utilities Corp.

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