| Innergex to acquire Cloudworks Energy |
| 15 February 2011 |
Innergex Renewable Energy Inc has announced it is to acquire Vancouver-based hydroelectric developer Cloudworks Energy Inc for $185M.
Under the terms of the deal, Innergex has agreed to pay approximately $145.7M in cash for the company, with the remainder paid in shares.
The deal means Innergex will acquire a large portfolio of hydroelectric operating facilities and development projects, expanding the company’s asset portfolio and enhancing its growth profile. Cloudworks’ portfolio consists of an interest of 50.01% in six run-of-river hydroelectric facilities with a combined capacity of 150MW; full ownership of 76MW of run-of-river hydroelectric projects under development with 40-year power purchase agreements; and full ownership of run-of-river hydroelectric projects in various stages of development having a potential aggregate installed capacity of over 800MW.
“We are thrilled with the acquisition of Cloudworks”, said Mr. Michel Letellier, President and Chief Executive Officer of Innergex. “Cloudworks’ assets will further diversify our revenues and increase our installed capacity by as much as 23% (from 326 MW to 401 MW)”.
Innergex has previously partnered with Cloudworks for the development of its 50MW Rutherford Creek hydroelectric facility.
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