Longueuil, Quebec and Vancouver, BC: Innergex Renewable Energy Inc. and Alterra Power Corp. announced October 30 that they had entered into an arrangement agreement under which Innergex will acquire all of the issued and outstanding common shares of Alterra for an aggregate consideration of $1.1 billion, including the assumption of Alterra’s debt.
The transaction is subject to approval by Alterra’s shareholders and other customary closing conditions. Highlights of the transaction:
• Innergex’s overall net power generation capacity will be 1,606 MW, up over 40%, pro forma the Transaction, including assets under construction
• Addition of three advanced-stage prospective projects with capacity of net 686 MW
• A number of other prospective U.S. renewable electricity production tax credit (“PTC”) qualified projects totalling approximately 490 MW
• Extensive pipeline of prospective projects in preliminary stages or in progress estimated at a net capacity of 4,350 MW to be added to Innergex’s pipeline of net capacity of approximately net 3,560 MW
The acquisition was enabled by a loan of $150 million by La Caisse de dépôt et placement du Québec to Innergex.