Innergex Renewable Energy Inc. of Québec, Canada, has announced the completion of the previously disclosed acquisition of Alterra Power Corp. of Vancouver, British Columbia, Canada, by way of an arrangement agreement pursuant to which Innergex acquired all of the issued and outstanding common shares of Alterra for an aggregate consideration of $1.1 billion, including the assumption of Alterra’s debt.
Innergex’s acquisition of Alterrra, its largest and most significant to date, immediately adds 485 MW (gross 1,049 MW) of high quality renewable energy assets, in operation and under construction, to Innergex’s portfolio, bringing the Corporation’s total capacity to 1,609 MW (gross 2,896 MW). By 2020, Innergex’s net installed capacity is expected to reach over 2,000 MW from a well-diversified resource mix of hydro, wind, solar and geothermal projects in Canada, the U.S., France and Iceland. The acquisition also brings Innergex an extensive pipeline of prospective projects in preliminary stages or in progress, with an estimated net capacity of more than 5,000 MW.
Alterra Power has a 54% stake in the 54 MW (Net Installed Capacity) Reykjanes (1&2) geothermal power plant and a 54% stake in the 49 MW (Net Installed Capacity) Svartsengi geothermal power plant which includes a a 30% stake in the Blue Lagoon Geothermal Spa and Resort.
From the Global Geothermal News archives:
- Monday, October 30, 2017 - Canada: Geothermal Energy Company Alterra Power Corp. Sold
