Chose not to extend deadline after sale failed to close on-time.
LONGUEUIL, QUE—Innergex Renewable Energy Inc., has decided to back away from the $22-million purchase of Finavera Wind Energy’s 77-megawatt Wildmare project in Chetwynd, B.C.
Several of the closing conditions were not met by the September 30 deadline, Innergex explains.
“The corporation considers each of these conditions to be essential to the successful completion of the project. After careful consideration, the Corporation has decided not to extend the closing date because it strongly believes that doing so would not change the outcome within an acceptable period of time.”
Wildmare’s expected yearly out of 238,200 megawatt-hours would be enough to power 24,000 homes, and would have been Innergex’s first wind installation in B.C. The now-failed acquisition was initially announced on July 26. The company currently has five wind farms in operation, one under construction and one in development—all seven are located in Quebec.
The independent renewable power producer also owns and operates a total of 20 run-of-river hydro-electric facilities located in Quebec, Ontario, B.C. and Idaho, and made several hydro-electric acquisitions in 2012.
The same day it announced plans to acquire Wildmare, it also disclosed intentions to buy the Hydromega Group of Companies’ 70 per cent interest in the Magpie hydro-electric facility located in northeastern Quebec. On June 14, the company made a deal to buy the Brown Lake and Miller Creek hydro-electric facilities in B.C. from Capital Power Corp.
Innergex also owns one solar photovoltaic installation in Ontario.