Hydropower projects in Canada sold to Innergex

Innergex Renewable Energy Inc. on July 26 said it has signed a purchase and sale agreement to acquire a 70 percent interest in the 40.6 MW Magpie hydroelectric facility in northeastern Quebec, Canada, from the Hydromega Group of Companies.

Innergex has also signed a letter of intent with Hydromega for the acquisition of its ownership interest in six other sites, including one 30.5 MW hydroelectric facility in Quebec, four hydroelectric projects under construction totaling 22 MW in Ontario, and one 10 MW hydroelectric project under development, also in Ontario.

Innergex said it expects the acquisition of Magpie to close by September 30, 2012, subject to regulatory approvals and other customary closing conditions.

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