Algonquin Power & Utilities Corp. reports ESG goal progress

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Oct 02, 2020, 17:01 ET

2020 Sustainability Report highlights Company's continued growth in renewable energy projects among key sustainability achievements

OAKVILLE, ON, Oct. 2, 2020 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC", "Algonquin" or the "Company") (TSX/NYSE: AQN), the parent company of Liberty Utilities and Liberty Power, has released its 2020 Sustainability Report, outlining progress towards its ESG goals and demonstrating its ongoing commitment to delivering mission-critical services and renewable energy solutions.

Arun Banskota, President & Chief Executive Officer, noted, "Sustaining energy and water for life is the shared purpose of Algonquin and all of our businesses. We are extremely pleased with our ESG progress this year, and to be in the Top 10 of Corporate Knights' Global 100 Most Sustainable Corporations in the World. Sustainability is at the core of our purpose, embedded into our broader corporate strategy and woven throughout every aspect of our operations."

Algonquin's ambition is to align its corporate resources and expertise to its ESG impacts and conduct its business responsibly. The Company is dedicated to promoting sustainability and increasing access to clean energy and water while cultivating a culture of compliance, ethics, and transparency.

George Trisic, Chief Governance Officer and Corporate Secretary said, "Our approach to sustainability governance is built on a strong foundation of strategic oversight, accountability, and cross-functional collaboration. This approach has enabled us to achieve the milestones published in our 2020 Sustainability Report, such as meeting 49% of our targeted 75% renewable generation goal; achieving more than 70% of our one million metric tons GHG emissions reduction target; and exceeding our goal of having 30% women in leadership roles."

The report also outlines Algonquin's strategic pillars of growth, operational excellence, and sustainability leadership. The pillars support how the Company embeds its ESG plans and initiatives into its broader corporate strategy and aligns the strategy with its operations. In 2019-2020, Algonquin selected six United Nations Sustainable Development Goals (UN SDGs) as the foundation for the Company's sustainability strategy. The Company also identified seven priority ESG issues that it believes are most relevant to its contribution to positive impacts on the planet, employees, and communities.

About the 2020 Sustainability Reporting Period

The Company's 2020 Sustainability Report focuses on progress and achievements during the period of January 1, 2019, through December 31, 2019, and also includes data from the years 2017 and 2018 for contextual and comparative purposes. The Company's 2023 Goals and Performance Scorecard, included in the report, reflects the performance data as of July 2020 to indicate the most current status of the Company's 2023 goals.

Algonquin plans to publish its 2020 TCFD (Taskforce on climate-related financial disclosure) disclosure by year-end.

Please visit www.algonquinpower.com/sustainability to download the full 2020 Sustainability Report.

About Algonquin Power & Utilities Corp., Liberty Utilities, Liberty Power

APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, Liberty Utilities and Liberty Power, APUC is committed to providing secure, safe, reliable, cost-effective, and sustainable energy and water solutions through our portfolio of rate-regulated natural gas, water, and electricity generation, transmission and distribution utility investments to approximately 807,000 connections in the United States and Canada. APUC is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity and more than 1.6 GW of incremental renewable energy capacity under construction.

APUC is committed to delivering growth and the pursuit of operational excellence in a sustainable manner through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution, and transmission businesses, and the pursuit of accretive acquisitions.

APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB, respectively.

Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.

Caution Regarding Forward-Looking Information

Certain written statements included herein constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "will", "expects", "intends", "plans", "should" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained herein include, but are not limited to statements regarding the continued growth in renewable energy projects, ongoing strategy and purpose of the Company; sustainability strategy, initiatives, targets and goals, including its strategic pillars and those related to reducing greenhouse gas emissions, women in leadership and increasing renewable generation; continued commitment to promoting sustainability and access to green energy and water; sustainability governance; expected future positive impacts of our sustainability strategy and ESG plans and plans to publish 2020 TCFD disclosure by year end. 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. Since forward-looking statements relate to future events and conditions, by their nature they rely upon assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in APUC's most recent annual and interim Management Discussion and Analysis and most recent Annual Information Form, filed with securities regulatory authorities in Canada and the United States. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.

SOURCE Algonquin Power & Utilities Corp.