Canadian Press, The Province, July 27, 2012
The Caisse de depot et placement du Quebec is investing almost $100 million in a Quebec hydroelectric company that is acquiring a presence in northeastern B.C.
The pension fund manager said Thursday it bought 9.6 million common shares of Innergex Renewable Energy for $10.27 per share for a total cost of $98.9 million.
The investment comes at a time when Innergex is taking on new power acquisitions in B.C., Quebec and Ontario.
Innergex said Thursday it will buy the Wildmare wind energy project near Chetwynd for about $22 mil-lion from Vancouver-based Finavera Wind Energy.
The 77-megawatt project has a 25-year purchase pact with B.C. Hydro and is at an advanced permitting stage.
The company also announced a purchase and sale deal with Hydromega Group of Companies to acquire its 70 per cent interest in the Magpie hydro electric facility in northeast-ern Quebec for $30.3 mil-lion, plus another $52 mil-lion in debt.
Innergex expects the Magpie acquisition to close by the end of September.
The Magpie facility produces enough electricity to power almost 11,000 households every year, and sells all of its electricity to Hydro-Quebec as part of a 25-year agreement.
Innergex also signed a letter of intent with Hydro-mega for the acquisition of its ownership interest in six other hydroelectric projects in Quebec and Ontario.
Innergex also announced a new dividend reinvestment program, and the Caisse will contribute 50 per cent of its shares to the program for a one-year period.
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