Canada developer acquires stake in 18 projects exceeding 200 MW

Innergex Renewable Energy Inc. announced Sept. 1 it completed acquisition of two-thirds of a joint venture with Ledcor Power Group Ltd. to develop 18 run-of-river hydroelectric projects in British Columbia totaling more than 200 MW.

Innergex said it paid C$8 million (US$7.5 million) cash for the acquisition. It also issued 200,000 warrants to Ledcor that can be exercised for a period of 24 months at a price of C$12.50 (US$11.71) per share.

Ledcor holds the remaining one-third interest in the projects, all of which have secured water licenses in B.C.’s Lower Mainland. The companies did not disclose all of the project names, waterways, or potential installed capacities but said the projects could generate more than 1,000 GWh annually, meeting the needs of 98,000 homes. (HNN 4/24/08)

Innergex President Michel Letellier said at least two of the projects, Hurley Creek and Upper Lillooet, totaling 70 MW, would be offered in response to BC Hydro’s Clean Power Call. (HNN 6/13/08) He said the 7.5-MW Fitzsimmons Creek project is under construction for completion in fall 2010 and has been offered to BC Hydro under its Standing Offer Program. Other projects are to be submitted under that program, Letellier said. (HNN 6/9/08)

Innergex Renewable Energy Inc. is an independent developer and operator of renewable power generating facilities, focusing on hydroelectric and wind power projects. It also manages the Innergex Power Income Fund’s hydro facilities.

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