Thursday, April 21, 2011

Innergex acquires Canadian solar PV project from Enfinity for $11.1 million CAD

Innergex Renewable Energy Inc. (TSX:INE) announced that they have entered into a share purchase agreement with Enfinity NV (“Enfinity”), to acquire all of the issued and outstanding shares of the entity owning the rights to develop Enfinity’s 27 MW Stardale Solar PV project, located in Ontario, Canada. The consideration to be paid to Enfinity under the share purchase agreement is approximately $11.1 million CAD.

Construction of the Stardale project began in November 2010, and is expected to be completed by February 2012. The Stardale project is being developed on two parcels of land totalling 300 acres, located in East-Hawkesbury, in the Russell County of Ontario. The Stardale Project consists of a ground-mounted PV array system, which is to include a total of approximately 144,060 SolarWorld SW 230 polycrystalline PV
modules and 54 inverters, for a total installed capacity of 27 MWAC (33.2 MWDC).

The consideration payable pursuant to the share purchase agreement will be paid upon the project achieving certain milestones. The first payment in an amount of $1.5 million CAD will be paid at closing. The second payment for an amount equal to 50% of the remaining consideration will be payable upon the receipt by the Stardale Project of an executed long-term financing offer from financial institutions having terms and conditions not less favourable than certain thresholds established by the parties. The third payment (25% of the remaining consideration) will be payable at financial closing of that same financing and the last payment (25% of the remaining consideration) will be payable upon final completion of the Stardale Project.

Total development costs are expected to be approximately $140 million CAD. Innergex is a leading North American renewable energy developer based out of Longueuil, Québec and Enfinity is a global solar PV developer based out of Waregem, Belgium.

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