LONGUEUIL, QC, June 27, 2014 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) announces that the transaction to acquire the Sainte-Marguerite-1 ("SM-1") hydroelectric facility has been released from escrow.
On June 20, 2014, Innergex and the Desjardins Group Pension Plan announced they had completed the acquisition from the Hydroméga Group of Companies of the 30.5 MW SM-1 run-of-river hydroelectric facility located in Quebec, Canada (see the press release dated June 20, 2014). The transaction had closed in escrow pending customary confirmatory release conditions, which have now been satisfied.
About Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc. (TSX: INE) is a leading Canadian independent renewable power producer. Active since 1990, the Company develops, owns and operates run-of-river hydroelectric facilities, wind farms and solar photovoltaic farms and carries out its operations in Quebec, Ontario and British Columbia and in Idaho, USA. Its portfolio of assets currently consists of: (i) interests in 33 operating facilities with an aggregate net installed capacity of 687 MW (gross 1,194 MW), including 26 hydroelectric operating facilities, six wind farms, and one solar photovoltaic farm; (ii) interests in five projects under development or under construction with an aggregate net installed capacity of 210 MW (gross 321 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totaling 2,900 MW (gross 3,125 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P and BB (high) by DBRS (unsolicited rating).
The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide a high return on invested capital, and to distribute a stable dividend.
SOURCE: Innergex Renewable Energy Inc.
For further information:
Marie-Josée Privyk, CFA, SIPC
Director - Investor Relations
450 928-2550, ext. 222