Innergex gets Alterra stockholders nod, plugs in French wind farm

The stockholders of Alterra Power Corp (TSE:AXY) have approved the Canadian clean energy company’s planned takeover by Innergex Renewable Energy Inc (TSE:INE), it was announced on Thursday.

About 99.89% of the 32,994,488 votes cast by Alterra shareholders cleared the CAD-1.1-billion (USD 863m/EUR 732m) transaction. It is still pending court and regulatory green light and is seen closing in the first quarter of 2018.

As announced in October, Innergex offered Alterra’s shareholders a choice between receiving CAD 8.25 in cash or 0.5563 Innergex common shares per Alterra common share. The aggregate consideration paid to all of Alterra shareholders will be 25% cash and 75% Innergex stock.

Also on Thursday, Innergex announced that it has commissioned the 44.5-MW Rougemont-2 wind farm in Bourgogne-Franche-Comte, France. The company acquired a 69.55% stake in the project in May 2017. The Desjardins Group Pension Plan owns the remaining 30.45%.

“We now have 317 MW in operation in France. We will continue to vigorously pursue development and acquisition opportunities and leverage our upcoming acquisition of Alterra Power Corp to help grow our already impressive portfolio of assets,” said president and CEO Michel Letellier.

Rougemont-2 is expected to generate about CAD 12.4 million in revenues and CAD 9.6 million in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in its first full year of operation. Its entire output will be sold to local utility EDF (EPA:EDF) under an initial 15-year contract at a fixed price.

(CAD 1 = USD 0.784/EUR 0.665)

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