Innergex raises USD 200m from bought deal, private placement

Canadian dollars. Photo by: Sara Long. Lincense: Creative Commons. Attribution 2.0 Generic.

September 3 (Renewables Now) - Canadian renewable power producer Innergex Renewable Energy Inc (TSE:INE) has raised CAD 201.3 million (USD 17m/EUR 14.3m) in gross proceeds by completing a previously announced bought deal equity financing of common shares.

At the same time, Innergex has finalised a private placement with Hydro-Quebec to raise a further CAD 50.1 million. This transaction has enabled Hydro-Quebec to maintain a 19.9% ownership.

As part of the bought deal equity financing, the renewables company has issued 10.37 million common shares in total at CAD 19.40 apiece. Of the total, 1.35 million shares were issued following the full exercise of the over-allotment option granted to the syndicate of underwriters led by CIBC Capital Markets, National Bank Financial Inc, BMO Capital Markets and TD Securities Inc.

Innergex said it will use the net proceeds from both transactions to fund the acquisition of the Curtis Palmer run-of-river hydroelectric portfolio in New York. The balance will be used for general corporate purposes including future growth initiatives.

(CAD 1.0 = USD 0.798/EUR 0.672)

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