Alterra Shareholders Green-Light Innergex Renewable Energy Takeover


Vancouver, British Columbia-based Alterra Power Corp. says its shareholders have voted overwhelmingly to approve a previously announced plan in which Innergex Renewable Energy Inc. will acquire all of the issued and outstanding common shares of Alterra.

In total, 99.89% of the Alterra shares represented at Alterra’s special meeting of shareholders held on Thursday voted in favor of the special resolution approving the arrangement.

Alterra is a global renewable energy company that manages the operations of eight power plants totaling 825 MW of hydro, wind, geothermal and solar generation capacity in Canada, the U.S. and Iceland. Alterra currently owns a 364 MW share of this capacity, generating over 1,500 GWh of clean power annually. Alterra is also constructing the 200 MW Flat Top wind project in central Texas, expected to be in operation in the first half of 2018 (51% owned by Alterra).

Inngergex carries out operations in Quebec, Ontario, British Columbia, France and Idaho. Its portfolio of assets currently consists of interests in 52 operating facilities with an aggregate net installed capacity of 1,078 MW, including 31 hydroelectric facilities, 20 wind farms and one solar farm; interests in two projects under construction with a net installed capacity of 46 MW and for which power purchase agreements have been secured; and prospective projects with an aggregate net capacity of 3,560 MW.

Alterra expects to apply for a final order of the Supreme Court of British Columbia approving the arrangement on Monday, Dec. 18. The company is in the process of obtaining various regulatory approvals and key third-party consents. Completion of the arrangement is expected to occur in the first quarter of 2018.

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