Algonquin actively invests in hydroelectric, wind and solar power facilities, and utility businesses (water, natural gas, electricity), through its three operating subsidiaries: Bermuda Electric Light Company, Liberty Power and Liberty Utilities.

Algonquin Power Income Fund was established in September 1997 and first listed its trust units on the Toronto Stock Exchange on December 23, 1997.

[2] Having raised nearly $75 M, Algonquin used $27.5 M to purchase 14 hydroelectric generation facilities located in Ontario, Québec, New York and New Hampshire.

[4] Unit-holders exchanged their trust units on a one-for-one basis for shares in the new corporate entity, Algonquin Power & Utilities.

In December 2022, the U.S. Federal Energy Regulatory Commission refused approval, stating "the sales' parties did not provide enough evidence to show the deal wouldn't have an adverse effect on rate payers."