Algonquin Power & Utilities Corp, the Canadian company whose properties include Belco, has reported revenues of $634.5 million in the first quarter, an increase of 36 per cent year-over-year.

The company, which reported in US dollars, said it had adjusted net earnings of $124.5 million, an increase of 21 per cent over the same period in 2020.

It had adjusted net earnings per share of 20 cents, an increase of 5 per cent year-over-year.

The company reported net earnings attributable to shareholders of $13.9 million. That compares with a loss of $63.8 million in the same period a year ago.

Algonquin reported adjusted EBITDA of $282.9 million, an increase of 17 per cent over the same period in 2020.

The company said: “The first quarter of 2021 marked the first full quarter of contributions from the Regulated Services Group's acquisition of its majority interest in the Chilean regulated water and wastewater utility, Empresa de Servicios Sanitarios de Los Lagos S.A. ("ESSAL"), and its acquisition of Ascendant Group Limited, which owns the Bermuda Electric Light Company, the sole electric utility in Bermuda. The ongoing integration of the two utilities is proceeding well, and performance has been in line with expectations.

“The Regulated Services Group's track record of successfully integrating its regulated utility acquisitions remains a core competency, as it strives to deliver safe, reliable, and efficient essential services to its customers and communities.”

Arun Banskota, president and chief executive officer of Algonquin, said: "We are pleased to announce that today our board of directors approved a 10 per cent increase in our annual common share dividend, supported in part by the ongoing execution of AQN's previously-announced 1,600 MW renewable energy construction programme - the largest in the company's history.

"Nearly 1,400 MWs have already been placed in service and the remainder are on schedule for completion by year-end. This will effectively double our portfolio of owned and operated renewables, underscoring our commitment to growth, operational excellence, and sustainability."

A total annual dividend of 68.24 cents per common share will be paid quarterly, the company said.

Algonquin added that its Renewable Energy Group issued C$400 million of “green” senior unsecured debentures bearing interest at 2.85 per cent and with a maturity date of July 15, 2031.

The company said the net proceeds from the offering of the debentures were or will be, as applicable, used in accordance with AQN's Green Financing Framework.