Innergex acquires 332 MW of Aela's wind farms in Chile

Canadian power producer Innergex Renewable Energy Inc (TSE:INE) announced on Thursday that it has finalised the acquisition of 332 MW of wind farms in Chile from Aela, a joint venture (JV) between private equity investor Actis and Ireland-based Mainstream Renewable Power.

The company said it paid USD 685.6 million (EUR 639.1m) to acquire all the shares in Aela’s two vehicles that hold the wind farms.

In the portfolio are the 170-MW Sarco, the 129-MW Aurora and the 33-MW Cuel wind farm. These facilities earn revenues from two forms of power purchase agreements (PPAs) with 25 Chilean distribution companies, maturing at the end of 2036 and 2041, Innergex said.

Earlier this year, Innergex raised CAD 209.8 million (USD 165.2m/EUR 155.3m) in gross proceeds from a bought deal equity offering and a private placement to be able to finance the portfolio acquisition in Chile. On Thursday, the company said it would use net proceeds from a combined refinancing of the non-recourse debt of the Aela wind farms and of other Innergex’s projects in Chile to meet the remaining financing requirements.

According to Innergex, the latest acquisition helped it more than double its gross installed capacity in Chile. President and CEO Michel Letellier said the company would continue to advance greenfield project development in Chile, but also keep an eye on M&A opportunities in the country.

(USD 1.0 = EUR 0.931)

(CAD 1.0 = USD 0.787/EUR 0.740)

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