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Innergex completes acquisition of Quebec's Magpie hydropower plant

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Canadian power producer Innergex Renewable Energy Inc. has completed its acquisition of the 40.6-MW Magpie hydroelectric project from the Hydromega Group.

The run-of-river plant began commercial operations in 2007 and is located on Crown lands in the Minganie Regional County Municipality. Power generated by the facility is sold to Hydro Quebec under a 25-year fixed-price power purchase agreement, which provides for an annual increase to the selling price of 1%.

"We are very pleased with the acquisition of Magpie, which further strengthens our presence in hydro with a new, long-term facility, and further diversifies our hydro operations," said Michel Letellier, Innergex president and CEO.

The US$27.8 million transaction gives Innergex project-level debt totaling about $54 million. The company now hold 99.99% of Magpie's common units, though the county retains 30% of the voting units.

The complete acquisition follows a move by the company that gave it 70% of Magpie in July 2012.

HydroWorld.com also reported in July 2012 that the company had closed financing for a 49.9-MW project on Kwoiek Creek in British Columbia, and it purchased two hydropower plants from the Capital Power Corporation in June. Innergex also announced its acquisition of Quebec-based hydro developer Cloudworks Energy in April 2011.

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