March 13, 2025

Algonquin Power & Utilities Corp. appoints new directors to Board and extends cooperation agreement with Starboard

Goodmans LLP advised Starboard Value LP (“Starboard”) in connection with the extension of cooperation agreement with Algonquin Power & Utilities Corp. (“Algonquin”), pursuant to which, Algonquin Board of Directors appointed CEO Rod West and Starboard Senior Partner Gavin Molinelli to the Board.

In connection with the cooperation agreement, Starboard has agreed to support Algonquin’s nominees for election at the 2025 annual meeting of shareholders.

Starboard Value LP is an investment advisor based in New York City and owns approximately 8.66% of Algonquin's outstanding common shares.

Goodmans has previously advised Starboard in its initial investment in Algonquin in 2023, and cooperation agreement in 2024 pursuant to which, Algonquin appointed Brett Carter, former Executive Vice President and Group President, Utilities and Chief Customer Officer of Xcel Energy Inc., and Christopher Lopez, outgoing Executive Vice President, Chief Financial and Regulatory Officer of Hydro One Limited, to the Board.

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