Innergex invests in 138-MW wind portfolio in Idaho

Innergex Renewable Energy Inc (TSE:INE) has invested in a 138-MW wind farm portfolio in the US state of Idaho, it announced on Wednesday.

The Canadian independent power producer (IPP) said it bought the Class B shares of the so-called Mountain Air portfolio from Terna Energy SA for USD 56.8 million (EUR 49.7m). It noted that the Class A shares will continue to be held by the tax equity partner and that the existing USD 111.1 million long-term non-recourse project-level financing will remain in place.

The portfolio consists of six 23-MW wind parks, namely Cold Springs, Desert Meadow, Hammett Hill, Mainline, Ryegrass and Two Ponds, all located in Elmore County. There are a total of 60 Siemens Gamesa turbines erected across the sites and all sell electricity to local utility Idaho Power Company. The contracts have a remaining period of about 12.5 years.

“Despite the current crisis, Innergex remains in an excellent position to pursue its growth, and we remain committed to identifying strategic acquisition opportunities on our own as well as through our Strategic Alliance with Hydro-Québec,” said Michel Letellier, president and CEO of Innergex, also noting that the transaction will be immediately accretive to free cash flow per share.

Following cash distributions to the tax equity partner, Innergex estimates it will receive some USD 6.1 million.

(USD 1.0 = EUR 0.876)

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