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Innergex completes acquisition of Alterra Power for $880m

CTBR Staff Writer Published 07 February 2018

Canadian energy company Innergex Renewable Energy has completed the C$1.1bn ($880m) acquisition of Alterra Power.

With the acquisition, Innergex will add 485MW of 1.04GW of renewable energy assets, in operation and under construction to its portfolio.

The transaction brings Innergex’s total capacity to 1.6GW. By 2020, the company’s net installed capacity is expected to reach more than 2GW from diversified sources such as hydro, wind, solar and geothermal projects in Canada, the US, France and Iceland.

Innergex also claims that the acquisition adds an extensive pipeline of prospective projects in preliminary stages or in progress, with an estimated net capacity of more than 5GW.

Innergex president and CEO Michel Letellier said: “Our acquisition of Alterra is about accelerating our growth and taking Innergex to the next level.

“We are one of the largest independent renewable energy producers in Canada, with a market cap of more than $1.8bn, a strong balance sheet, a more diversified asset base, and a sizeable project pipeline that places us on a substantial growth trajectory.”

Innergex currently manages a large portfolio of assets currently consisting of interests in 63 operating facilities, including 34 hydroelectric facilities, 24 wind farms, three solar farms and two geothermal facilities.

In December last year, Innergex had announced the start of operations at the 44.5MW Rougemont-2 wind farm located in Bourgogne-Franche-Comté, France, from 1 December 2017. 

Put together, the 22MW Plan Fleury and 21MW Les Renardières are expected to cover the power consumption needs of 24,775 French households through their annual power generation of around 118,000MWh.

The wind farms are secured with power purchase agreements (PPAs) with Electricité de France (EDF) that will buy all the power generated from them for an initial term of 15 years.

Image: Innergex is poised of expanding its presence in the US, with this transaction. Photo: Courtesy of Atif Gulzar/FreeImages.com.