Longueuil, Quebec: Innergex Renewable Energy Inc. announced March 21 that final agreements hade been signed with a German company, wpd europe GmbH, for the acquisition of a portfolio of eight wind power projects located in France. The purchase includes seven operating projects with a combined installed capacity of 87 MW and another project currently under construction with an installed capacity of 44 MW, for a total of 131 MW.
Simultaneously, Innergex announced a private placement of $50 M with three Desjardins Group affiliated entities.
As part of its new growth initiative, Innergex has also reached an exclusive agreement with the French firm Société Environnement Minéraux SARL ("S.E.M.") and the consulting firm DRC SARL ("DRC") to develop a portfolio of wind power projects in France totalling over 100 MW.
The purchase price for the eight wind power projects will be approximately €93 M (equivalent to C$137 M), subject to certain adjustments. Of this amount, €60 M (or C$88 M) will be paid for the seven operating projects while €10 M (or C$15 M) will serve as a deposit for the project currently under construction.
The eight wind farms are located in northern France. Their aggregated installed capacity is 131 MW and the average annual power generation is expected to reach 270,000 MWh when the final wind farm will be commissioned in 2017. All the electricity produced by these wind farms is sold under power purchase agreements at fixed prices, for an initial term of 15 years, with Électricité de France (7 wind farms) and S.I.C.A.E Oise (1 wind farm).