Innergex to buy rest of 324-MW wind farm portfolio in France

Canadian electricity producer Innergex Renewable Energy Inc (TSE:INE) has struck a deal to buy the remaining 30.5% stake it did not previously own in a 324.2-MW wind portfolio in France.

The minority interest will be bought for CAD 96.4 million (USD 70.3m/EUR 72.7m), making the Canadian firm the sole owner of the portfolio, it said on Wednesday. The transaction will be carried out as part of Innergex’s plan to enhance its presence in France and prepare for future growth in the European country in the context of rising energy prices.

The deal will lift Innergex’s net installed capacity in France by 98.7 MW.

The target portfolio consists of 16 wind farms located across several French departments. The assets were brought online between 2010 and 2021 and all of them have power purchase agreements (PPAs) in place. Innergex estimates that on a consolidated basis, the operation of these wind farms will bring it annual revenues of some EUR 75.8 million (USD 73.2m) in 2023.

The portfolio has total outstanding debt amounting to EUR 312.6 million. Innergex said it will fund the purchase mainly from its revolving credit facilities and available cash.

(CAD 1.0 = USD 0.729/EUR 0.755)

(EUR 1.0 = USD 0.966)

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