Innergex Renewable Energy will acquire the remaining minority interest in its 324MW portfolio of 16 wind assets in France.
Buying the remaining 30.45% stake in the wind farms, in which Innergex currently owns the majority interests, will cost C$96.4m ($70.2m).
The largest of the assets is the Rougemont-2 wind farm, which has a 44.5MW installed capacity.
Upon completion of the acquisition, Innergex will hold 100% ownership of the portfolio.
The total net purchase price of will be financed mainly from Innergex’s revolving credit facilities, the cash held in the portfolio’s special purpose vehicles, and through the potential partial monetisation of the Euro/Canadian dollar foreign exchange forward contracts outstanding
The 16 assets, on a consolidated basis, are expected to generate annual revenues of approximately €75.8m ($73.8m) in 2023, while operating, general and administrative expenses are expected to reach €18.6m during the same period.
The total outstanding principal of the long-term non-recourse loans on the portfolio totalled €312.6m, cash and cash equivalents totalled approximately €39.5m and cash held in reserves totalled approximately €7.7m.
“This transaction is part of a global strategy to capitalise on rising energy prices and growing demand in the current energy environment in France,” said Innergex President and CEO of Michel Letellier.
“By increasing the scale of our business and developing a stronger presence in France, it paves the way for future growth and value creation in the country.”