Innergex to acquire 60 MW Sault Ste Marie solar portfolio

Innergex Renewable Energy is a Longueuil, Quebec-based renewable power producer.

  • Innergex will acquire the portfolio from Fengate Asset Management
  • The deal, which will expand Innergex’s presence in Ontario, is likely to close in the first quarter of 2023
  • The solar assets are expected to deliver annual revenues of about C$33.1m in 2023

Innergex Renewable Energy has signed an agreement to acquire a 60 MW Sault Ste Marie solar portfolio located in north-western Ontario for C$50.2 million and the assumption of debt totaling C$169.5 million. The seller is Fengate Asset Management.

Innergex Renewable Energy is a Longueuil, Quebec-based renewable power producer. It develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities located globally.

The acquisition, which will expand Innergex’s presence in Ontario, is likely to close in the first quarter of 2023. It is awaiting certain regulatory approvals in Canada, key third-party consents and other customary closing conditions.

“This is our first acquisition in Canada since 2018, and we are excited to add this collection of high-performing fully contracted solar assets to our portfolio for additional and reliable Canadian dollar cash flows,” said Michel Letellier, president and CEO of Innergex, in a statement. “The portfolio adds to our geographical diversification and improves our asset mix by adding 60 MW of solar capacity to our existing fleet.”

The solar assets are expected to deliver annual revenues of around C$33.1 million in 2023, while operating, general and administrative expenses are expected to touch approximately C$3.1 million in the same period.

National Bank Financial served as the financial advisor to Innergex.

Based in Toronto, Fengate is an alternative investment manager that invests across infrastructure, private equity, and real estate.