Innergex completes acquisition of seven French wind-power projects

Canada-based Innergex Renewable Energy has completed the acquisition of seven operating wind power projects located in France, from German company wpd europe.

With the closing of the acquisition, long-term derivative financial instruments were entered into to cover the foreign exchange risk on a portion of the distributions expected to be repatriated from France from these acquired assets, over the next 25 years.

In order to partly finance the acquisition, three Desjardins Group affiliated entities have collectively subscribed to a private placement of 3,906,250 common shares of Innergex.

Issuance of the common shares for this private placement is subject to the customary regulatory approvals by the applicable securities regulatory authorities, including the TSX.

The seven wind farms are located in the north and center of France, which have a combined capacity of producing 86.8 MW of electricity.

On an average these farms electricity production is expected to reach 169,400MW.

The electricity produced will be sold to Électricité de France and S.I.C.A.E Oise under power purchase agreements at fixed prices, for a period of 15 years initially.

The Canadian dependent renewable power producer develops, owns, and operates run-of-river hydroelectric facilities, wind farms, and solar photovoltaic farms.

It carries out its operations in Quebec, Ontario, British Columbia, Idaho, USA, and in France.