An anonymous director reports

ALGONQUIN POWER & UTILITIES CORP. ANNOUNCES SUCCESSFUL REMARKETING OF 1.18% SENIOR NOTES DUE 2026

Algonquin Power & Utilities Corp. will remarket its $1.15-billion (U.S.) aggregate principal amount of 1.18 per cent senior notes due June 15, 2026. The optional remarketing was conducted pursuant to the terms of a remarketing agreement dated Feb. 29, 2024. The notes were originally issued in June, 2021, as a component of the company's corporate units.

Effective upon closing of the remarketing, the notes will bear interest at 5.365 per cent per year and will mature on June 15, 2026. The remarketing is expected to close on March 28, 2024, subject to customary closing conditions.

The company conducted the remarketing on behalf of holders of the corporate units and will not directly receive any proceeds from the remarketing of the notes. The proceeds from the remarketing of the notes will be used as an interim step prior to settlement of the purchase contracts issued as a component of the corporate units to purchase a portfolio of treasury securities maturing on or before June 17, 2024. The company expects that substantially all of the funds generated upon maturity of the treasury portfolio will be used on June 17, 2024, to settle the purchase contracts. Any remaining proceeds of the portfolio of treasury securities will be distributed to the holders of the corporate units. The company intends to use the proceeds from the settlement of the purchase contracts to reduce existing indebtedness of the company and its subsidiaries and for general corporate purposes.

The remarketing is being made to the public in each of the provinces and territories of Canada and in the United States by means of a short form base shelf prospectus dated March 8, 2024, and related prospectus supplement to be filed with applicable Canadian securities regulatory authorities and to form part of the company's effective shelf registration statement filed with the U.S. Securities and Exchange Commission. The short form base shelf prospectus and the related prospectus supplement will contain important information about the notes. Investors should read the short form base shelf prospectus and the related prospectus supplement before making an investment decision.

About Algonquin Power & Utilities Corp.

Algonquin, parent company of Liberty, is a diversified international generation, transmission and distribution utility with approximately $18-billion of total assets. Algonquin is committed to providing safe, secure, reliable, cost-effective and sustainable energy and water solutions through its portfolio of generation, transmission and distribution utility investments to over one million customer connections, largely in the United States and Canada. In addition, Algonquin owns, operates and/or has net interests in over four gigawatts of installed renewable energy capacity.

Algonquin's common shares, preferred shares, Series A, and preferred shares, Series D, are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A and AQN.PR.D, respectively. Algonquin's common shares, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNB and AQNU, respectively.

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