Innergex buys Quebec hydropower facility

Hydromega Group of Companies completed the sale of the 40.6 MW Magpie run-of-river hydroelectric power plant in Quebec, Canada to Innergex Renewable Energy, according to Electric Light & Power/POWERGRID International.

Magpie is a 40.6 MW run-of-river hydroelectric facility located on Crown lands in the Minganie Regional County Municipality, in Northeastern Quebec. This facility began commercial operations in 2007, and all of the electricity it produces is sold to Hydro-Québec under a 25-year fixed-price power purchase agreement, which provides for an annual increase to the selling price of 1 percent. Magpie has an average annual production of about 185,000 MWh, enough to power almost 11,000 Quebec households each year.

The addition of this facility increases the corporation's net installed capacity by 7 percent to 617 MW and its consolidated long-term average annual production by almost 8 percent to 2,592 MWh. Magpie is expected to generate annualized revenues of about $10.6 million in 2013 (including payments received under the ecoENERGY program) and Adjusted EBITDA of about $8.2 million.

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