The Globe and Mail reports in its Friday, Aug. 11, edition that Algonquin Power and Utilities said Thursday it plans to sell its renewable energy division. The Globe's David Berman writes that the company also announced that Arun Banskota has stepped down as chief executive officer. Chris Huskilson, a board member since 2020, was appointed interim CEO. The proceeds from the renewables sale will be used to reduce debt and fund stock buybacks. The transaction will support the current dividend, reduce the company's cost of capital and maintain its investment-grade credit rating. The shakeup continues a tumultuous period for the company. Algonquin had been embraced by investors in previous years for its steady growth, rising dividend and exposure to wind and solar power generation in the United States and Canada. However, high debt levels, rising borrowing costs and disappointing financial results in late 2022 led to Algonquin slashing its quarterly distribution by 40 per cent in January, terminating a deal to acquire Kentucky Power Co. in April and announcing a strategic review of its renewable energy assets in May. Algonquin did not say when a sale of the renewables assets might take place.