Friday, August 24, 2012

Quebec pension plans invest $100 million CAD in leading Canadian independent renewable power producer, Innergex

The Caisse de depot et placement du Quebec (the "Caisse") is investing close to $100 million CAD in a Quebec-based hydroelectric company. The Caisse manages investments for public and private pension and insurance plans in Quebec.

The pension fund manager recently reported that it bought 9.6 million common shares of Innergex Renewable Energy Inc. for $10.27 CAD per share for a total cost of $98.9 million CAD.

The investment comes at a time when Innergex is taking on new hydroelectric acquisitions in Quebec and Ontario. Innergex recently announced a purchase and sale agreement with Hydromega Group of Companies to acquire its 70 per cent interest in the Magpie hydroelectric facility in northeastern Quebec for $30.3 million, plus another $52 million in debt. Innergex expects the Magpie acquisition to close by the end of September, 2012. The Magpie facility produces enough electricity to power almost 11,000 households every year, and sells all of its electricity to Hydro-Quebec as part of a 25-year PPA.

Innergex also signed a letter of intent with Hydromega for the acquisition of its ownership interest in six other hydroelectric projects in Quebec and Ontario, and also announced plans to acquire Wildmare, a wind energy project in British Columbia. Price tags for those deals were not disclosed.

Source: The Canadian Press

1 comment:

  1. There is a chance you are eligible for a new solar rebate program.
    Click here and find out if you qualify now!