Innergex closes buy 43 MW of French wind

Innergex Renewable Energy Inc (TSE:INE) has closed the acquisition of controlling stakes in two French wind parks from BayWa r.e. renewable energy GmbH.

Innergex said on Friday it now owns a 69.55% interest in the 22-MW Plan Fleury and 21-MW Les Renardieres wind farms in the Champagne-Ardenne region. The remaining 30.45% stake in the two wind parks belongs to by Canadian private pension plan Desjardins Group Pension Plan.

The projects are expected to be commissioned in the third and fourth quarter of 2017. The total equity purchase price, as previously announced, stands at about EUR 27.2 million (USD 32.4m). Project-related non-recourse debts of EUR 72 million are already in place.

Both plants, consisting of a total of 18 Vestas (CPH:VWS) turbines, have power purchase agreements (PPAs) with EDF (EPA:EDF) that expire in 2032. On announcing the acquisition last month, Innergex said it expects the wind parks to generate about EUR 9.9 million in revenues and EUR 8.2 million of adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first 12 months of operations.

(EUR 1.0 = USD 1.193)

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