Innergex and Hydro-Québec complete 60-MW Curtis Palmer joint acquisition

Handshake

Innergex Renewable Energy Inc. and HQI US Holding LLC, a subsidiary of Hydro-Quebec, have completed the joint acquisition previously announced of Curtis Palmer’s 60-MW hydroelectric asset portfolio in New York State, for a total consideration of US$318.4 million, including cash and working capital adjustments of US$9.2 million.

The plants consist of two run-of-river hydroelectric facilities, 12-MW Curtis Mills and 48-MW Palmer Falls. Curtis Palmer has a power purchase agreement for energy, renewable energy certificates and power with Niagara Mohawk Power Corporation. The five employees working at the plants join the Innergex team.

This joint acquisition is the first carried out within the framework of the Strategic Alliance formed by Innergex and Hydro-Québec in 2020. On Sept. 3, 2021, Innergex entered into a bought deal equity financing as well as a private placement with Hydro-Quebec to finance the purchase price of the Curtis Palmer acquisition.

“The first acquisition made within the framework of the Strategic Alliance with Hydro-Québec, Curtis Palmer is proof of the excellent collaboration between our teams and of the full potential of the Strategic Alliance in Innergex’s growth strategy,” a declared Michel Letellier, president and chief executive officer of Innergex. “Together, we will continue to unite our strengths and expertise and work towards our common goal of increasing our participation in the energy transition and creating value through high-quality assets. “

The plants are expected to achieve an average annual adjusted EBITDA of US$42.5 million.

Innergex is an independent producer of renewable energy that develops, acquires, owns and operates hydroelectric plants, wind farms, solar farms and energy storage facilities. Innergex operates in Canada, the U.S., France and Chile and manages a large portfolio of 79 high-quality assets in operation with a net installed capacity of 3,101 MW (gross installed capacity of 3,801 MW) and an energy storage capacity of 150 MWh, of which 40 are hydroelectric plants, 32 wind farms and seven solar parks. It also holds an interest in eight projects under development with a total net installed capacity of 168 MW (gross installed capacity of 205 MW) and an energy storage capacity of 329 MWh, of which two installations are under construction.

Hydro-Québec is the largest producer of electricity in Canada and one of the largest producers of hydroelectricity in the world. Its sole shareholder is the Government of Quebec.

Author

  • Elizabeth Ingram is content director for the Hydro Review website and HYDROVISION International. She has more than 17 years of experience with the hydroelectric power industry. Follow her on Twitter @ElizabethIngra4 .

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Elizabeth Ingram is content director for the Hydro Review website and HYDROVISION International. She has more than 17 years of experience with the hydroelectric power industry. Follow her on Twitter @ElizabethIngra4 .

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