Innergex Renewable Energy Inc. completed its acquisition of Magpie 40.6 MV hydroelectric facility in Quebec. The renewable power producer previously announced its US$28.6 million purchase of the facility from Hydromega Group of Companies.
Longueuil-based Innergex was founded in 1990 and is a portfolio business of the Caisse de depot et placement du Quebec, a Canada-based fund manager.
Magpie, a 40.6 MV run-of-river hydroelectric unit, is located on Crown Lands, Minganie REgional County Municipality along Northeastern Quebec. Commercial operations of the facility launched in 2007 and all electricity produced is sold to Hydro-Quebec.
The addition of Magpie facility increased Innergex's net installed capacity by 7% to 617 MW. The deal also improved the company's long-term average annual production by about 8% to 2,592 MWh.
Along with the purchase, Innergex also assumed the US$55.4 million debt incurred by the facility which will be calculated and adjusted to fair value after being consolidated by the company.
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