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Innergex Renewable completes acquisition of Yonne wind farm in France

CTBR Staff Writer Published 24 February 2017

Canada based Innergex Renewable Energy has acquired the 44MW Yonne wind farm in northern France for €35.2m from wpd europe.

The total acquisition price also includes €3.8m of working capital. Apart from that, Innergex and Desjardins Group Pension Plan have raised a subordinated debt of €8.5m from a France based infrastructure fund through their French subsidiaries formed for the acquisition.

While Innergex has a 69.55% stake in the wind farm, Desjardins Group Pension Plan holds the remainder stake of 30.45%.

The average annual production of the Yonne wind farm is estimated to be up to 100,400MWh in its first full year of operation. This is said to be adequate to meet the energy requirements of around 21,000 homes in France.

Revenue expected to be generated by the French wind farm is €8.6m while the adjusted EBITDA is €7.2m. The wind farm has a power purchase agreement with Électricité de France (EDF) for an initial term of 15 years that ends on October 19, 2031.

In March last year, Innergex had announced the acquisition of the under construction Yonne wind facility along with seven operating wind projects of a total capacity of 87MW for a combined price of €93m. Innergex completed the acquisition of the seven wind farms located in the north and centre of France in April last year.

In the fourth quarter of 2016, Innergex’s eight acquisition, the Yonne wind farm entered into its commissioning stage which was completed by January end.