Green Bond Fact Sheet

Algonquin Power & Utilities Corp

Date: 31-Jan-2019

Issue date: 25-Jan-2019 Maturity date: 29-Jan-2029 Tenor: 10Issuer Name

Algonquin Power &Utilities Corp

Amount Issued

CAD500m (USD377m)

Country of risk

CanadaCBI Database

Included

Issuer Type1

Non-FinancialCorporate

Bond TypePrivate placement

Green Bond Framework

Link to Framework

Second party opinion

Sustainalytics

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☒ Energy☒ Solar☒ Onshore wind
☐ Offshore wind
☐ Geothermal☒ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☒ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

The issuer will provide annual updates on proceed allocations and impact
reporting. Examples of impact indicators include: installed capacity,
renewable energy production and Greenhouse Gas Emissions reduced and/oravoided.
Algonquin Power & Utilities Corp. (“APUC”) is a diversified generation,transmission and distribution utility with approximately US$9 billion of total
assets. Through its two primary North American business groups, APUC
provides rate regulated natural gas, water, and electricity generation,transmission, and distribution utility services to over 766,000 connections,and is committed to be a global leader in the generation of renewableenergy through its ownership of, or interest in, long term contracted wind,solar and hydroelectric generating facilities. (source)Firsts, records andcertifications
Proceeds description

Proceeds are earmarked for solar, wind, existing hydro and storage
assets/projects. The development of new hydroelectric facilities with acapacity exceeding 25MW is explicitly excluded from eligible projects.

Climate Bonds view

Canada’s green bond market has been driven by financial corporate andlocal government issuance to date, which account for 66% of cumulativeissuance. We welcome the entry of a new corporate in the market and hope
to see more companies capitalising on the value of the green label.
For hydropower, it would be good to see issuers reporting on power density
ratio or annual emissions (gCO2/kWh) of the asset, rather than focusing onpower plant capacity.

Underwriters
Deal comments
Credit Rating
Pricing summary

Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign