Innergex completes acquisition of Quebec's Magpie hydropower plant

Innergex Logo

Canadian power producer Innergex Renewable Energy Inc. has completed its acquisition of the 40.6-MW Magpie hydroelectric project from the Hydromega Group.

The run-of-river plant began commercial operations in 2007 and is located on Crown lands in the Minganie Regional County Municipality. Power generated by the facility is sold to Hydro Quebec under a 25-year fixed-price power purchase agreement, which provides for an annual increase to the selling price of 1%.

"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," said Michel Letellier, Innergex president and CEO.

The US$27.8 million transaction gives Innergex project-level debt totaling about $54 million. The company now hold 99.99% of Magpie's common units, though the county retains 30% of the voting units.

The complete acquisition follows a move by the company that gave it 70% of Magpie in July 2012.

HydroWorld.com also reported in July 2012 that the company had closed financing for a 49.9-MW project on Kwoiek Creek in British Columbia, and it purchased two hydropower plants from the Capital Power Corporation in June. Innergex also announced its acquisition of Quebec-based hydro developer Cloudworks Energy in April 2011.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs