Innergex Renewable Energy has completed the acquisition of seven operating wind-power projects located in France, from German company wpd europe GmbH.
The wind farms are located in the north and center of France. The aggregated installed capacity of all seven farms is 86.8 MW, and the annual long-term average level of electricity production is expected to reach 169,400 MWh. All the electricity produced is sold under power purchase agreements at fixed prices, for an initial term of 15 years, with Électricité de France (six wind farms) and S.I.C.A.E Oise (one wind farm).
With the closing, long-term derivative financial instruments were included to cover the foreign exchange risk on a portion of the distributions expected to be repatriated from France for these acquired assets, over the next 25 years.
To finance part of the acquisition, three Desjardins Group affiliated entities have collectively subscribed to a private placement of 3,906,250 common shares of Innergex at a price of $12.80 per share, for gross proceeds of C$50 M on the closing date. 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.
Moreover, the common shares issued under the private placement are subject to a statutory four-month sale restriction period after their issuance.
Read the full press release here.
Innergex Renewable Energy
Filed Under: News, Projects