Canada developer completes purchase of five Quebec projects

Innergex Power Income Fund announced it completed the purchase of IHI Hydro Inc., a TD Capital Group subsidiary that held a 22.4 percent interest in five of the fund’s hydroelectric plants in Canada’s Quebec province, for C$13.5 million (US$13.48 million).

The projects’ total capacity is 57.9 MW. Annually they generate more than 308 GWh for sale to Hydro-Quebec under long-term agreements. (HNN 4/24/08)

Financed through bank debt, the purchase gives the fund 100 percent ownership and control of the five facilities: 8-MW Saint-Paulin, on the Riviere-du-Loup; 24-MW Chutes-de-la-Chaudiere, on the Chaudiere River; and 8-MW Portneuf 1, 9.9-MW Portneuf 2, and 8-MW Portneuf 3, all on the Portneuf River.

The transaction enables the fund to increase its net installed capacity by more than 6 percent, to 210 MW from 197 MW.

Innergex Renewable Energy Inc., an independent developer and operator of renewable power projects, manages the income fund’s hydroelectric plants.

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