Agreement to simplify geographic footprint

Transaction expected to close within the next two quarters

Algonquin Power & Utilities Corp. (NYSE:AQN) ("AQN", "Algonquin" or the "Company") today announced it reached an agreement to sell its approximately 64% ownership stake in Chilean water utility Suralis S.A. ("Suralis") to a fund managed by Toesca S.A. Administradora General de Fondos ("Toesca"), a Chilean asset manager that specializes in alternative investments.

Total proceeds from the sale are expected to be $126.5 million, plus an earnout opportunity of up to $1.5million. Proceeds from the transaction are expected to be used for debt paydown and to facilitate capital recycling into the Company’s $3.2 billion capital plan for 2026-2028. All amounts are shown in United States dollars ("U.S. $" or "$"), unless otherwise noted.

The transaction is expected to close within the next two quarters and is subject to customary closing conditions, including merger control approval.

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