Innergex Renewable Energy and Hydro-Québec Announce Joint Acquisition
Innergex Renewable Energy Inc. and HQI US Holding LLC – a subsidiary of Hydro-Québec have announced the completion of their 50-50 joint acquisition of the 60 MW Curtis Palmer hydroelectric portfolio in New York. This acquisition has a total consideration of US$318.4 million ($393.4 million), including US$9.2 million ($11.4 million) of cash and working capital adjustments.
These newly acquired facilities have two run-of-river hydroelectric facilities – both Curtis Mills and Palmer Falls. Innergex and Hydro-Québec formed a strategic alliance in 2020, and this is just the first acquisition resulting from that.
Innergex has spent 30 years working with and developing renewable energy in the forms of hydroelectric facilities, wind rams, solar farms, and energy storage facilities. By joining with Hydro-Québec in these strategic alliances, both companies will have access to facilities that can enhance their R&D and accelerate the renewable energy industry.
“Together with Innergex, we have embraced the opportunity to acquire strategic assets that will generate attractive returns for Québec, and we continue to further our alliance. By investing directly in hydropower generation in New York, we are strengthening our business relationship with the state and pursuing our efforts to promote renewable energy in North America,” said Pierre Despars, Vice President – Corporate Strategy and Business Development for Hydro-Québec.
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