An anonymous director reports

ALGONQUIN POWER & UTILITIES CORP. ANNOUNCES C$172.5 MILLION OFFERING OF COMMON SHARES

Algonquin Power & Utilities Corp. has agreed with certain institutional investors to issue and sell 12,536,350 common shares of the company at a price of $13.76 per share for gross proceeds of approximately $172.5-million.

The shares are being offered and sold directly to the institutional investors by Algonquin Power & Utilities without an underwriter or placement agent. No fees will be payable by Algonquin Power & Utilities in connection with the offering. The price of the shares represents approximately 96 per cent of the volume-weighted average trading price of Algonquin Power & Utilities' common shares on the Toronto Stock Exchange for the five-day period ending Dec. 13, 2018. The proceeds of the offering are anticipated to be used to partially finance Algonquin Power & Utilities' recently announced acquisition of Enbridge Gas New Brunswick LP and for general corporate purposes. The offering is expected to close on or about Dec. 20, 2018, subject to the satisfaction of customary conditions, including the approval of the shares for listing on the TSX and the New York Stock Exchange.

The shares are being offered pursuant to the company's shelf prospectus and registration statement on Form F-10, which was previously filed with the U.S. Securities and Exchange Commission under the U.S./Canadian multijurisdictional disclosure system. A prospectus supplement related to the offering will be filed with the Canadian Securities Administrators and the SEC.

About Algonquin Power & Utilities Corp.

Algonquin Power & Utilities is a diversified generation, transmission and distribution utility with approximately $9-billion (U.S.) of total assets. Through its two business groups, Algonquin Power & Utilities provides rate-regulated natural gas, water and electricity generation, transmission and distribution utility services to over 766,000 connections. Algonquin Power & Utilities is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long-term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 gigawatts of installed capacity.

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