LONGUEUIL, Que.—Renewable power producer Innergex Renewable Energy Inc. has completed a $28.6-million acquisition of a 40.6 megawatt (MW) hydro facility in Quebec.
According to the firm, it closed the deal with the Hydromega Group of Companies for the Magpie run-of-river hydroelectric facility located in Minganie Regional County Municipality in northeastern Quebec.
“We are very pleased with the acquisition of Magpie, which further strengthens our presence in hydro with a new, long-term facility, and further diversifies our hydro operations,” Innergex president and CEO Michel Letellier said in a statement.
The facility, located on Crown land, has an annual production capacity of 185,000 MWh, according to the company, enough to power almost 11,000 Quebec homes.
Innergex acquired 99.999 per cent of the common units of the facility, while the county holds 30 per cent of the voting units.
The firm paid the final purchase price of $28.6-million in cash and assumes project-level debt totalling $55.4 million.