Canadian clean energy company Innergex Renewable Energy has acquired a 138MW wind portfolio consisting of six operating projects, located in the US state of Idaho from Terna Energy for $56.8m.
The six 23MW wind farms include Cold Springs, Desert Meadow, Hammett Hill, Mainline, Ryegrass and Two Ponds.
Commissioned in December 2012, the the Mountain Air wind farms are expected generate about an average of 331GWh of clean energy annually.
The Mountain Air wind portfolio is powered by a total of 60 of Siemens Gamesa’s 2.3 – 101 model turbines that are all connected to a common substation. They are currently under full scope service maintenance agreement.
The wind portfolio is supported by PPAs with local utility
The wind farms are supported by power purchase agreements for a remaining period of about 12.5 years, with Idaho Power Company, a power utility in the state.
Innergex president and CEO Michel Letellier said: “The Mountain Air Acquisition is expected to be immediately accretive to Free Cash Flow per share. We are pleased to further expand our portfolio in the United States with fully contracted wind farms.
“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.”
The Mountain Air portfolio is the second of the two potential acquisitions announced by the company this February and was closed from the proceeds of Hydro-Québec’s private placement.
In May, Innergex acquired the 68MW Salvador solar farm in Chile from Etrion Chile, Total Solar Latin America and Solventus Salvador for a price of $46.6m.
