Innergex to Acquire Alterra Power in a Deal Valued at $857 Million

Canadian renewable energy company Innergex will acquire all of the issued and outstanding common shares of Alterra Power for $857 million (C$1.1 billion), including the assumption of Alterra’s debt. The deal is subject to approval by Alterra’s shareholders and other customary closing conditions. 
Innergex to Acquire Alterra Power in a Deal Valued at $857 Million

Innergex expects the acquisition to significantly accelerate the company’s growth profile with a path to reach a net installed capacity of over 2,000 MW by 2020 according to Michel Letellier, President and Chief Executive Officer of Innergex.

The deal will add eight operating projects (net 364 MW), three projects under construction (net 118 MW), three prospective projects at an advanced stage (net 686 MW), other U.S. PTC-qualified prospective projects (net 490 MW), and an extensive pipeline of prospective projects in preliminary stages or in progress (net 4,350 MW) to Innergex’s portfolio.

Alterra shareholders will receive $8.25 per Alterra common share, payable in $2.06 cash and 0.4172 of a common share of Innergex.

The Transaction will be funded and supported by a new subordinated unsecured loan from Caisse de dépôt et placement du Québec  in addition to commitments obtained from two leading Canadian banks to “provide ample liquidity to fully fund Innergex’s development portfolio.”

“This is an excellent transaction for Alterra shareholders,” said Ross Beaty, Executive Chairman of Alterra. “ Innergex is an outstanding Canadian clean energy company with highly complementary renewable energy assets to those of Alterra and a similar corporate culture. I look forward to tendering my Alterra shares into Innergex and remaining a significant shareholder for many years to come.”

Photo courtesy of Innergex

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