Innergex Renewable Energy Inc (TSX: INE) has acquired Ledcor Power Group Ltd’s 33.3 percent interest in Creek Power Inc, which holds three hydro facilities located in British Columbia. No financial terms were disclosed. The facilities are Fitzsimmons Creek, Boulder Creek and Upper Lillooet River. Innergex already owned 67.7 percent of Creek Power as well as all the preferred equity for an amount of $98.4 million. Based in Longueuil, Québec, Innergex is a developer, acquirer and operator of hydroelectric facilities, wind farms, solar farms, and geothermal power plants. It is backed by Caisse de dépôt et placement du Québec.
Innergex Acquires Remaining Interests in Three Hydro Facilities in British Columbia
LONGUEUIL, Quebec, May 15, 2018 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) is pleased to announce that it has acquired Ledcor Power Group Ltd.’s 33.3% interest in Creek Power Inc., a company that indirectly owns the Fitzsimmons Creek (7.5 MW), Boulder Creek (25.3 MW) and Upper Lillooet River (81.4 MW) hydro facilities located in British Columbia as well as a portfolio of prospective projects. Innergex already owned the other 67.7% interest in Creek Power Inc. Innergex also owned all the preferred equity for an amount of $98.4 million bearing an annualized after-tax return of 12.9%.
“This transaction gives Innergex a 100% stake in three hydro facilities that it already operates and for which long-term electricity purchase agreement are in place with BC Hydro for remaining periods of 32 to 39 years,” said Michel Letellier, President and Chief Executive Officer of Innergex. “By seizing opportunities such as this, we increase our ownership interest in facilities, improve tax planning and further fuel our growth strategy.”
About Innergex Renewable Energy Inc.
The Corporation develops, acquires, owns and operates run-of-river hydroelectric facilities, wind farms, solar photovoltaic farms and geothermal power generation plants. As a global player in the renewable energy sector, Innergex conducts operations in Canada, the United States, France and Iceland. Innergex manages a large portfolio of assets currently consisting of interests in 64 operating facilities with an aggregate net installed capacity of 1,642 MW (gross 2,886 MW), including 34 hydroelectric facilities, 25 wind farms, three solar farms and two geothermal facilities. Innergex also holds interests in two projects under development with a net installed capacity of 355 MW (gross 360 MW) one of which is currently under construction and prospective projects at different stages of development with an aggregate net capacity totalling 8,180 MW (gross 8,850 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P. The Corporation’s strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.
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