Innergex, Hydro-Quebec acquire 60-MW hydro portfolio in New York

Small hydropower plant (HPP).

October 28 (Renewables Now) - Canadian power producers Innergex Renewable Energy Inc (TSE:INE) and Hydro-Quebec have finalised their joint acquisition of the 60-MW Curtis Palmer run-of-river hydroelectric portfolio in the US state of New York, the partners announced in a press release this week.

Hydro-Quebec participated in the 50-50 acquisition through its subsidiary HQI US Holding LLC.

Innergex and HQI US Holding bought the portfolio for a total consideration of USD 318.4 million (EUR 273.6m), including USD 9.2 million of cash and working capital adjustments, the statement reads.

The portfolio consists of two facilities, the 12-MW Curtis Mills and the 48-MW Palmer Falls, previously owned by independent power producer Atlantic Power. The plants have a power purchase agreement (PPA) for energy, RECs and capacity with Niagara Mohawk Power Corporation, and are expected to book an average annual adjusted EBITDA of USD 42.5 million.

Innergex will welcome the five employees currently working at the plants to its team.

Early in September, Innergex completed a bought deal equity financing of common shares and a private placement with Hydro-Quebec to fund the acquisition of the Curtis Palmer portfolio.

The acquisition, which is the first under the strategic alliance between Innergex and Hydro-Quebec announced in February 2020, has enabled the Canadian companies to enter the New York renewables market.

(USD 1.0 = EUR 0.859)

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