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Algonquin Power & Utilities offers 21.5 million common shares

Algonquin Power & Utilities Corp. announced Oct. 7 the commencement of an underwritten public offering of 21,520,804 common shares.

The company also plans to offer underwriters involved in and offering a will offer a 30-day over-allotment option of an additional 3,228,120 common shares.

The net proceeds from the offering will be used to partially finance certain of Algonquin's previously announced acquisitions, to partially finance renewable development growth projects, and for general corporate purposes, according to a news release.

Morgan Stanley and Wells Fargo Securities are acting as joint book-running managers.