Longueuil, Quebec: Innergex Renewable Energy Inc. announced the completion February 6 of its acquisition of Alterra Power Corp. Under the agreement Innergex acquired 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.
Innergex says its acquisition of Alterrra, its largest and most significant to date, immediately adds 485 MW (gross 1,049 MW) of renewable energy assets, in operation and under construction, to Innergex’s portfolio, bringing the corporation’s total capacity to 1,609 MW (gross 2,896 MW).
By 2020, Innergex’s net installed capacity is expected to reach over 2,000 MW from a diversified resource mix of hydro, wind, solar and geothermal projects in Canada, the U.S., France and Iceland. The acquisition also brings Innergex an extensive pipeline of prospective projects in preliminary stages or in progress, with an estimated net capacity of more than 5,000 MW.