UPDATE 1-Canada's Algonquin starts strategic review of renewable energy group

(Adds details and background on the company in paragraphs 2, 3, 4 and 5)

May 11 (Reuters) - Algonquin Power & Utilities Corp said on Thursday it had initiated a strategic review of its renewable energy group, following a push by Corvex Management and other activist firms for changes.

The company said in January that it planned to raise $1 billion through asset sales and would slash its dividend by 40%, to bolster its finances.

A deal to buy the Kentucky operations of American Electric Power also fell through last month, following multiple delays since its announcement nearly 1-1/2 years ago.

Algonquin owns and operates regulated utilities, as well as power generating and water assets, across Canada and the United States, with its regulated business serving more than 1 million customers, according to its website.

Renewable energy group includes all of the company's non-regulated operating and development power generation assets.

The company also added on Thursday that there can be no assurance that the strategic review will result in any deal or execution of any strategic alternative. (Reporting by Arunima Kumar in Bengaluru; Editing by Janane Venkatraman and Sriraj Kalluvila)