By Adriano Marchese

Algonquin Power & Utilities Corp. and American Electric Power Co. have agreed to lower the price Algonquin will pay to buy Kentucky Power Co. and AEP Kentucky Transmission Co.

The Canada-based generation, transmission, and distribution utility company said Friday it will now pay a revised purchase price of $2.65 billion, which includes the assumption of about $1.22 billion in debt.

Last October, Algonquin Power and American Electric Power agreed a total purchase price of $2.85 billion for the assets.

The transaction is expected to close in January but still requires the approval of the U.S. Federal Energy Regulatory Commission.

When the acquisition was first announced, Algonquin said the acquisition of the assets will help support the company's plans to shift its assets toward cleaner energy sources and meet its net-zero greenhouse gas emissions target within its operations by 2050.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 30, 2022 09:11 ET (13:11 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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