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Innergex Renewable Energy Inc.
Innergex expands presence in France with the acquisition of 3 wind projects



May 4, 2017

Innergex Renewable Energy Inc. (TSX: INE) ("Innergex") is pleased to announce that a final agreement has been signed with Velocita Energy Developments (France) Limited (an affiliate of Riverstone Holdings LLC) to purchase three wind projects in France with a total aggregate installed capacity of 119.5 MW. As of today (5/3), 97.3 MW out of 119.5 MW (or 81%) have already reached mechanical completion and the remaining turbines are in the late stage of construction with full commissioning expected in phases until the end of the year. Innergex will have a 69.55% interest in the wind farms and Desjardins Group Pension Plan will own the remaining 30.45%.

"Following our strategic plan, our expansion continues in international markets with the acquisition of these three projects. France is an exciting market as it has adopted vigorous climate change targets and has a potential to double its onshore wind capacity by 2023," said Michel Letellier, President and Chief Executive Officer of Innergex. "With our proven track record of developing successful wind projects, we are confident that these new acquisitions will be delivered on time, on budget, and strengthen our growing portfolio of assets."

The purchase price of the equity is approximately 51.4 million (or C$76.2 million), subject to certain adjustments. Innergex's net share of the purchase price will amount to about 31.3 million (or C$46.4 million) and will be paid through available funds under its corporate revolving credit facility. Non-recourse debts related to the projects, which are already in place, will amount to 174.3 million (or C$258.4 million) at the end of construction and will remain at the project level.

The Corporation will reduce its exposure to exchange rate fluctuations by entering into long-term currency hedging instruments.

Innergex expects to complete the acquisition of the three wind projects by the end of the second quarter of 2017, subject to customary closing conditions.

Click here to read the full press release.

For more information:

Organization:
Innergex Renewable Energy Inc.

Address:
1111 Saint-Charles Street West, East Tower, suite 1255
Longueuil, Quebec
Canada, J4K 5G4
www.innergex.com/en

Contact:
Karine Vachon
Director - Communications
Tel: 450 928-2550, ext. 222
E-mail: kvachon@innergex.com


Link http://www.electricenergyonline.com/detail_news.php?ID=635950
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