Innergex Completes Its Acquisition of Cartier Wind Farms

Increases Innergex’s net capacity by 366 MW / 49 employees to join Innergex’s team of experts / Closing of the short-term financings related to the acquisition

Image: InnergexImage: Innergex

Innergex Renewable Energy Inc. is pleased to announce the completion of the previously disclosed acquisition of TransCanada’s 62% interest in five wind farms in the Gaspé peninsula in Quebec known as Baie-des-Sables, Carleton, Gros-Morne, L’Anse-à-Valleau and Montagne Sèche (the “Cartier Wind Farms”), as well as its 50% interest in the operating entities of the Cartier Wind Farms, for a total consideration of approximately $620 million after adjustment for distributions received by TransCanada since July 1, 2018. Innergex already owned the remaining interests in both Cartier Wind Farms and Cartier Operating Entities.

“I am pleased to announce we have finalized the acquisition of Cartier Wind Farms and Cartier Operating Entities. We have always considered these assets as an integral part of our family, Baie-des-Sables being the first of many wind farms introduced to our portfolio of assets. By leveraging the expertise and knowledge of Cartier staff, we will continue to improve our wind operations and pursue our growth strategy,” said Michel Letellier, President and Chief Executive Officer of Innergex. “Our discussions with financial institutions to put in place a non-recourse long-term financing at the projects level look promising and could be above the $400 million that we first expected to obtain. We anticipate closing this financing in the coming months.”

Concurrent with the closing of the acquisition, Innergex has obtained two short-term credit facilities to cover the purchase price and transaction costs in its entirety.

Innergex has obtained a one-year term non-recourse credit facility of $400 million, which the Corporation intends to repay from the proceeds of a non-recourse long-term financing at projects level based on the useful life of the assets. Discussions with long-term lenders are at an advanced stage and closing of the non-recourse long-term financing of the projects is expected in the coming months.

Innergex has also obtained a one-year term credit facility of $228 million to be reimbursed through the strategic divestment of selected assets which would be optimal for the long-term performance and outlook of the Corporation. Management believes there are a number of attractive, actionable opportunities to monetize selected assets or portions of existing assets in a manner that supports Innergex’s long-term strategy. The Corporation will diligently investigate these various options to derive maximum value from its portfolio of assets. The timing of such sales is subject to prevailing market conditions but are expected to be completed within a year.

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Innergex, Cartier Wind Farms, acquisition, jobs, interest, wind farm, stakes

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