Innergex to purchase Ontario solar portfolio

Jan 23, 2023 04:24 PM ET
  • The 3 centers have combined capacity of 60MW
Innergex to purchase Ontario solar portfolio
Image: Innergex

Innergex Renewable Energy will certainly get the 60MW Sault Ste Marie solar portfolio located in northwestern Ontario from Fengate Asset Management for an acquisition cost of $50.2 m, together with the presumption of $169.5 m of existing financial debt.

The Sault Ste Marie 1, 2, as well as 3 facilities reached complete commissioning in between 2010 as well as 2011 and also have achieved an exceptional operating performance history since then, with a historic five-year weighted-average accessibility of 98.5%.

All three centers are fully contracted under long-lasting Renewable Energy Standard Offer Program power purchase contracts with the Independent Electricity System Operator (Aa3 rating by Moody's).

SSM1 has actually gross set up capacity of 20MW. Commissioned in October 2010, it has one more eight years on its PPA.

Both the 30MW SSM2 and 10MW SSM3 were commissioned in 2011, as well as have another nine years on their PPAs.

The assets are anticipated to generate annual revenues of around $33.1 m in 2023, while operating, basic and administrative expenses are anticipated to get to approximately $3.1 m throughout the same duration.

The acquisition is expected to close in the first quarter of 2023 and goes through certain governing authorizations in Canada, key 3rd party approvals and also various other normal closing conditions.

" This is our very first acquisition in Canada because 2018, and also we are thrilled to include this collection of high-performing fully gotten solar assets to our portfolio for added as well as reliable Canadian dollar capital," said Michel Letellier, President and Chief Executive Officer of Innergex.

" The portfolio includes in our geographical diversification as well as enhances our asset mix by including 60MW of solar capacity to our existing fleet."

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