Innergex Completes its Acquisition of Energía Llaima

Source: 7/9/2021, Location: South America

• Increases Innergex’s net installed capacity by 83.4 MW
• Addition of 83 employees based in Chile to the Innergex team
• Reinforces Innergex’s commitment to increasing its foothold in the Latin American renewable energy sector

Innergex Renewable Energy Inc. has become the sole owner of the Chilean renewable energy company Energía Llaima SpA (“Energía Llaima”) by acquiring the remaining 50% interest in Energía Llaima for an aggregate consideration of US$71.35 million (CAN$89.4 million). Following the transaction, Innergex has now interests in and operates three hydro facilities in Chile with a gross installed capacity of 152 MW, a solar thermal facility with a gross installed capacity of 34 MW, as well as several projects in the development or prospective stages. It also manages operations at the Salvador solar farm which was already wholly owned by Innergex.

“Chile has set itself ambitious climate targets that will drive exciting development opportunities for Innergex. By now pairing Innergex resources with the local savoir-faire of Energía Llaima, we are well-positioned to play a larger role in the country’s clean energy transition,” said Michel Letellier, President and Chief Executive Officer of Innergex. “Innergex has major growth ambitions internationally and Latin America represents an attractive market for us. This strengthening of our position in Chile is therefore perfectly in line with our long-term development strategy, as this foothold in the region will expand our reach to neighboring energy markets throughout South America.”

Innergex completed the acquisition by issuing to Energía Llaima’s shareholders 4,048,215 Innergex common shares at a price of CAN$22.09 per share representing a 10-day volume weighted average price.

As previously stated, the Investor Rights Agreement between Innergex and Hydro-Québec gives preferential and annual subscription rights to Hydro-Québec. In order for Hydro-Québec to maintain its 19.9% ownership, Innergex has issued 1,148,050 common shares to Hydro-Québec by means of a private placement for a total consideration of CAN$25.3 million.

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