Activist investor Starboard Value LP believes Algonquin Power & Utilities Corp. AQN CA:AQN could boost shareholder value, raise its dividend and cut its debt with a “properly executed” sale of all or most of the company’s renewable energy business. Starboard, which is Algonquin’s largest shareholder with a 7.5% stake, said without the renewables business, “Algonquin is significantly greener than peers,” as one-third of its electric generation capacity comes from renewables with no coal exposure, compared with an average of 26% for its regulated utility peers. Starboard believes that with a proper sale of the renewables…
