Innergex Renewable Energy Inc., an independent renewable power producer, has acquired all the Class B shares of a portfolio of six operating wind farms in Elmore County, Idaho, for a purchase price of $56.8 million from Terna Energy SA.
The six 23 MW wind farms – Cold Springs, Desert Meadow, Hammett Hill, Mainline, Ryegrass and Two Ponds – have a total installed capacity of 138 MW.
“We are pleased to further expand our portfolio in the U.S. with fully contracted wind farms,” says Michel Letellier, president and CEO of Innergex.
“Despite the current crisis, Innergex remains in an excellent position to pursue its growth, and we remain committed to identifying strategic acquisition opportunities on our own as well as through our strategic alliance with Hydro-Québec,” he adds.
The wind farms were fully commissioned in December 2012. The acquisition is expected to produce a gross estimated long-term average of 331 GWh per year and a $21.1 million projected adjusted EBITDA for 2021. The Class B shares should provide Innergex with additional cash immediately available for distribution representing 62.25% of the project free cash flow.
The wind farms are equipped with a total of 60 Siemens Gamesa 2.3 – 101 model wind turbines that are all connected to a common substation. The wind turbines are currently under a full-scope service maintenance agreement, and all wind farms have power purchase agreements with Idaho Power Co., a power utility rated BBB by Standard & Poor’s for 100% of their capacity over a remaining period of approximately 12.5 years.
