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Innergex poised to take over two British Columbian hydro plants

LONGUEUIL, Quebec, Canada 6/15/12 (PennWell) -- Canadian power developer Innergex Renewable Energy Inc. has signed a purchase and sale agreement that would give the company ownership of two hydropower plants in British Columbia.

Currently owned by the Capital Power Corporation, the 7.2-MW Brown Lake and 33-MW Miller Creek hydroelectric facilities would raise Innergex's total hydro portfolio to about 920 MW.

"With this acquisition, we continue to execute our business plan of maintaining a balance between cash flow-generating assets in operation, projects under development, and a portfolio of prospective projects," says Innergex President Michel Letellier.

The Brown Lake facility was commissioned in 1996. The power produced by the plant will be sold to BC Hydro until 2016, as per a 20-year power purchase agreement.

Meanwhile, the Miller Creek project was completed in 2003 and also has a 20-year power purchase agreement with BC Hydro, which also holds a 30-day right of first refusal on the facility.

Should the deal proceed as anticipated, Innergex says the purchase price of the two hydropower plants will be about US$67.4 million. The transaction is expected to close in July, pending regulatory approval.

HydroWorld.com reported in April 2011 that Innergex had acquired hydropower developer Cloudworks Energy Inc.

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