LONGUEUIL, Que.—Canadian clean power developer Innergex Renewable Energy Inc. is expanding its international portfolio with the acquisition of three wind projects in eastern France.
All three wind farms are at the late stage of construction and are expected to come fully online before the end of the year. Together, the projects total 119.5 megawatts of capacity.
The deal is worth $76.2 million overall, not including debt. Innegex’s 69.55 per cent stake will cost $46.4, while Desjardins Group Pension Plan will own the remaining 30.45 per cent.
“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,” Michel Letellier, the company’s president and CEO, said in a statement.
“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,” he added.
The sites house 43 GE turbines, which will be capable of powering approximately 60,000 French households.
The company expects the deal to close in the second quarter.