Emera Inc. has renewed its at‑the‑market (ATM) equity program, granting the company the right to issue up to C$600 million of common shares from its treasury. The renewal, effective until January 5 2029, was disclosed on December 5 2025 and provides a flexible source of capital that can be drawn on as needed.
The program will be executed through the Toronto Stock Exchange, the New York Stock Exchange, and other listed marketplaces. Canadian agents BMO Nesbitt Burns, RBC Dominion Securities, and Scotia Capital will manage the Canadian side, while U.S. agents BMO Capital Markets, RBC Capital Markets, and Scotia Capital (USA) will handle U.S. distribution. Proceeds from the program are earmarked for general corporate purposes, including future capital projects and strategic initiatives.
Emera’s ATM history shows a pattern of periodic renewals: a prior program expired on November 4 2025, following earlier expirations on September 5 2023, July 14 2021, and July 14 2021. The renewal continues this trend, offering a long‑term financing tool that aligns with the company’s ongoing capital deployment strategy. The program’s availability supports the $20 billion capital plan through 2030, which is heavily weighted toward Florida utilities and focuses on grid modernization, renewable integration, and infrastructure upgrades.
Financially, Emera’s debt‑to‑equity ratio stands at 1.71, indicating a significant leverage profile. The company’s Q3 2025 adjusted earnings per share rose 9% from Q3 2024, reflecting disciplined cost management and strong operational performance. Management has extended its rate‑base growth guidance to 7‑8% through 2030, underscoring confidence in sustained demand for regulated utilities.
Strategically, the ATM program provides a low‑cost, on‑demand source of equity that can be deployed to fund capital projects without diluting dividend stability. By maintaining flexibility in capital structure, Emera can balance its debt obligations while pursuing high‑return investments in Florida’s grid and renewable assets. The renewal signals management’s continued commitment to disciplined financing and long‑term value creation.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.