Skip to content.

Innergex and Hydro-Quebec enter into Membership Interest Purchase Agreement with Atlantic Power to acquire Curtis Palmer

Date Closed

August 17, 2021

Lead Office

Québec City

Value

255.00 Million USD

On August 17, 2021, Innergex Renewable Energy Inc., along with HQI US Holding LLC, a subsidiary of Hydro-Québec have entered into a Membership Interest Purchase Agreement with Atlantic Power to acquire Curtis Palmer, a 60 MW run-of-river hydroelectric portfolio located in Corinth, New York, consisting of the 12 MW Curtis Mills and 48 MW Palmer Falls facilities for upfront cash consideration of US$310 million and an earn-out provision subject to the evolution of NYISO market pricing. This joint acquisition is the first under the Strategic Alliance formed by Innergex and HQI US Holding LLC in 2020. Upon closing, Innergex will own indirectly a 50% interest in the Facilities with Hydro-Québec indirectly owning the remaining 50% interest. Innergex is also announcing a US$175 million bought deal equity financing of common shares and US$43.5 million concurrent private placement of common shares to HQI US Holding LLC.

Innergex Renewable Energy Inc. has entered into an agreement with a syndicate of underwriters led by CIBC Capital Markets, National Bank Financial Inc., BMO Capital Markets and TD Securities Inc., pursuant to which the syndicate of Underwriters have agreed to purchase on a bought deal basis, an aggregate of 9,021,000 common shares at an offering price of $19.40 per share for aggregate gross proceeds to Innergex of approximately US$175 million. In connection with the Offering, Innergex has granted the syndicate of Underwriters an over-allotment option, exercisable in whole or in part, at any time for a period of 30 days following the closing of the Offering, to purchase up to an aggregate of an additional 1,353,150 common shares at the offering price.

Innergex Renewable Energy Inc. is an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities.

McCarthy Tétrault LLP advised Innergex Renewable Energy Inc. with a team led by Philippe Leclerc that included Xin Gao and Hadrien Montagne (Business).

People