Innergex Renewable Energy, a Canadian hydroelectric power firm, has agreed to buy Fengate Asset Management’s Sault Ste Marie solar portfolio. The Sault Ste Marie I, II, and III facilities are part of the 60 MW solar portfolio, which is situated in northwest Ontario. It was sold for a consideration of C$50.2 million, along with the assumption of C$169.5 million of existing debt. The Independent Electricity System Operator has long-term power purchase agreements (PPAs) in place with the solar assets, which were commissioned in 2010 and 2011. In 2023 , they are anticipated to bring in about C$33.1 million in income annually. By signing this agreement, Innergex aims to expand its visibility in the Sault Ste Marie region.
The deal is expected to close in the first quarter of 2023 if it meets customary closing conditions, including certain regulatory approvals in Canada and key third-party consents. National Bank Financial served as the financial advisor to Innergex for the deal. Based in Longueuil, Innergex develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities. The company currently has 159MWh of total energy storage capacity across 40 hydroelectric facilities, 35 wind facilities, eight solar assets and one battery energy storage system.
In June 2022, Innergex Renewable Energy, based in Canada, completed the $685.6 million acquisition of Aela Generación and Aela Energa, together known as Aela. Aela was founded in 2013 by a joint venture between Mainstream Renewable Power, a global renewable energy project developer, and Actis, a global sustainable infrastructure investor. The acquired company includes a portfolio of wind power plants with a total capacity of 332 MW spread over three newly constructed wind assets in Chile.
