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 in Maine.
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 the northeastern United States.
The deal was originally announced last April when Algonquin and Emera had agreed to operate First Wind's projects in the U.S. Northeast.
In October 2010, First Wind Holdings canceled its initial public offering after cutting its expected price range by 24 percent and facing investor skepticism about its balance sheet and wind-industry financing.