Innergex Renewable Energy, the Canadian developer active in a growing number of global markets, has agreed to buy TransCanada’s 62% stake in a 590MW portfolio of wind farms in its home province of Québec, raising its guidance for capacity ownership by 2020 to 2.5GW.
Innergex and energy giant TransCanada jointly own Cartier Wind Energy, which owns and operates five large wind farms in Québec’s remote Gaspé Peninsula. Innergex will pay C$630m ($484m) to buy out TransCanada’s 366MW stake in the Cartier portfolio as well as its half-stake in the local operational entities.
The Cartier portfolio includes some of the oldest and largest wind farms in Québec, including the 110MW Baie-des-Sables, completed in 2006, and the two-phase 212MW Gros-Morne, brought on line in 2011-12.
“With this acquisition, our breakthrough in Chile and our projects under construction or in development, not only will we reach our goal of net 2,000MW, but we should reach net 2,500MW by 2020,” says Michel Letellier, chief executive.
As part of its financing strategy for the deal, Innergex says it will look to divest some of its existing assets over the coming year, without giving further detail.
Innergex owns 1.6GW of operating renewables capacity today, mostly hydro and wind, across Canada, France, the US and Iceland.
Based near Montreal, Innergex is an increasingly important player in the global renewables market, having over the past year acquired rival Canadian developer Alterra Power to accelerate its push into the US wind market and more recently launched into the South American market by buying into a hydroelectric development in Chile.
Among Innergex’s near-term projects is its 350MW Foard City wind development in Texas, for which it recently secured a large PPA with power company Luminant. Foard City is expected on line in late 2019.