Innergex acquires 100 percent interest in Ontario 60 MW solar portfolio

Our Ottawa and Toronto offices with support from New York acted as counsel to Innergex Renewable Energy Inc. on the purchase from Fengate Asset Management of a 100 percent interest in the 60 MW Sault Ste. Marie solar portfolio for a purchase price of C$50.2m, along with the assumption of C$169.5m of existing debt. The acquisition of the three operating solar facilities in northwestern Ontario was financed with draws from Innergex’s existing revolving credit facility.

The Sault Ste. Marie solar facilities have an excellent operating track record, with a historical five-year weighted-average service availability of 98.5 per cent. They are fully contracted under long-term Renewable Energy Standard Offer Program power purchase agreements with the Independent Electricity System Operator (Aa3 rating by Moody’s).

Innergex is an independent renewable power producer that develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities. It conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets.