Algonquin Power & Utilities Corp. (AQN)

[Enterprising Investor]

Algonquin Comments on Starboard Value Director Nominations (3/22/24)

OAKVILLE, ON, March 22, 2024 /PRNewswire/ - Algonquin Power & Utilities Corp. ("Algonquin" or the "Company") (TSX: AQN) (NYSE: AQN) today issued the following statement regarding the director nominations submitted by Starboard Value LP (together with its affiliates, "Starboard") to stand for election to the Algonquin Board of Directors at the Company's 2024 Annual General Meeting of Shareholders (the "Annual Meeting"):

Algonquin maintains open communications with its shareholders and appreciates constructive input that advances its goal of enhancing shareholder value. The Company is making important progress executing on its key initiatives, including pursuing a sale of its renewable energy business, continuing its search process for a permanent CEO and repositioning the Company towards a more efficient operating profile and a simplified strategy for the future.

The Corporate Governance Committee of Algonquin's Board will review the proposed nominees in accordance with the Company's guidelines. The Board will present its formal recommendation with respect to the election of directors in the Company's management information circular, to be filed with Canadian securities regulatory authorities and the Securities and Exchange Commission and delivered to shareholders eligible to vote at the 2024 Annual Meeting of Shareholders.

Algonquin shareholders are not required to take any action at this time.

J.P. Morgan is serving as financial advisor to Algonquin and Blake, Cassels & Graydon LLP and Weil, Gotshal & Manges LLP are serving as legal counsel.

About Algonquin Power & Utilities Corp. and Liberty

Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with approximately $18 billion of total assets. AQN 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, AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity.

AQN'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. AQN'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.

Visit AQN at www.algonquinpower.com and follow us on X.com @AQN_Utilities.

https://www.prnewswire.com/news-releases/algonquin-comments-on-starboard-value-director-nominations-302096803.html