Innergex Renewable Energy completed its acquisition of Alterra Power, a transaction valued at $1.1 billion. The acquisition, Innergex’s largest and most significant to date, immediately adds 485 MW (gross 1,049 MW) of high quality renewable energy assets, in operation and under construction, to Innergex’s portfolio, bringing the corporation’s total capacity to 1,609 MW (gross 2,896 MW).
“Our acquisition of Alterra is about accelerating our growth and taking Innergex to the next level,” said Michel Letellier, president and CEO of Innergex. “We are one of the largest independent renewable energy producers in Canada, with a market cap of more than $1.8 billion, a strong balance sheet, a more diversified asset base, and a sizeable project pipeline that places us on a substantial growth trajectory.”
Concurrently, Innergex increased its revolving credit facility by $225 million to a total of $700 million, led by BMO Capital Markets, National Bank Financial and TD Securities as co-lead arrangers and joint book managers. This increase enables the company to pursue the development of its asset portfolio and the construction of its projects. The maturity of the revolving credit facilities remains December 2022.
Quebec-based Innergex develops, acquires, owns and operates run-of-river hydroelectric facilities, wind farms, solar photovoltaic farms and geothermal power generation plants.