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Innergex Renewable to acquire two French wind projects

CTBR Staff Writer Published 06 July 2017

Innergex Renewable Energy has agreed to acquire a stake of 69.55% in two French wind projects with a combined capacity of 43MW from BayWa re for €27.2m.

The remaining 30.45% stake of the two wind farms located in the Champagne-Ardenne region will be owned by Desjardins Group Pension Plan.

Commissioning of the wind farms dubbed as Plan Fleury and Les Renardières is slated to be done in the third quarter of the year. The acquisition made by Innergex has a combined enterprise value of C$145.6M ($112.4m).

Featuring a total of 18 Vestas wind turbines of 2 and 3 MW capacities, the wind farms will be operated by Vestas which was awarded a 15-year operation and maintenance contract in the past.

With the acquisition of the two wind farms, Innergex would be the owner of 15 wind facilities in France with its installed capacity expanded to 317MW.

Innergex president and CEO Michel Letellier said: "Our expansion into France has been very successful. We have established an ecosystem made up of solid relationships with key developers in France, such as BayWa r.e., and we intend to continue to build on this momentum and to develop our own projects to pursue growth.

“Our assets are young and supported by long-term power purchase agreements which guarantee a low-risk and prosperous future."

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.

The transaction is subject to meeting of customary closing conditions after the mechanical completion of the wind projects.