‘High-performing assets’: Solar farms in Sault sell for $50M

Innergex Renewable Energy to obtain 60MW solar portfolio from Fengate Asset Administration

3 solar farms in Sault Ste. Marie have a new proprietor.

Innergex Renewable Electrical power Inc. introduced that it has entered into an agreement to obtain a 60MW solar portfolio from Fengate Asset Administration.

The rate tag is $50.2 million, together with the assumption of $169.5 million of current personal debt.

“This is our 1st acquisition in Canada because 2018, and we are psyched to increase this collection of superior-executing fully contracted solar belongings to our portfolio for further and trustworthy Canadian greenback hard cash flows,” said Michel Letellier, president and chief govt officer of Innergex, which has its Canadian headquarters in Longueuil, Que. 

“The portfolio provides to our geographical diversification and enhances our asset combine by including 60MW of solar ability to our current fleet.”

The Sault Ste. Marie 1, 2, and 3 amenities attained complete commissioning between 2010 and 2011.

They have accomplished an excellent working monitor document considering that then, with a historical 5-year weighted-average availability of 98.5%, the firm stated in a news launch.

All three services are entirely contracted below extended-time period power purchase agreements with the Independent Electrical energy System Operator. The photo voltaic farms have an regular remaining contract life of close to 9 years, the enterprise mentioned.

The farms are expected to crank out once-a-year revenues of about $33 million in 2023, even though working, basic and administrative expenditures are predicted to access just around $3 million during the same period, in accordance to the launch.

The acquisition is expected to close in the initial quarter of 2023 and is issue to particular regulatory approvals in Canada, vital third bash consents and other customary closing conditions.