Innergex Renewable Energy Acquires Power Project

On April 20, 2011, Innergex Renewable Energy Inc. completed the acquisition from Enfinity NV of all of the issued and outstanding shares of Solaris Energy Partners Inc., which entity holds the rights to develop a solar power project located in East Hawkesbury, Ontario, known as the Stardale Project.

With a forecast electric output estimated at 39 GWh, the Stardale Project is projected to provide electricity to around 2,600 homes.

The Stardale Project is being developed on two parcels of land totalling 300 acres and consists of a ground-mounted PV array system that includes 144,060 modules and 54 inverters, for a total installed capacity of 27 MW.

All electricity produced by the Stardale Project will be sold pursuant to agreements with Ontario Power Authority under the Renewable Energy Standard Offer Program for a 20-year term.
Total development costs are expected to be around $140 million.

An affiliate of Enfinity will act as EPC contractor for the construction of the Stardale Project as well as operations and maintenance provider under a fixed price long-term contract.

Enfinity was represented by in-house counsel, Bruce Douglas and by Gowling Lafleur Henderson LLP with a team that was led by Paul Harricks and Rob Blackstein (corporate) that also included Ash Gupta and Laura Monteith (tax); Danielle Waldman (corporate); David Tang (municipal); Samir Gassanov (real property); Ian Richler (environmental) and Mark Ledwell and Kenneth Movat (construction).

Innergex Renewable Energy Inc. was represented by its team of in-house counsel, which included Yves Baribeault and Nathalie Théberge, and was assisted by a McCarthy Tétrault LLP team under the supervision of Marc Dorion and led by Suzanne Murphy (corporate) that included Philippe Fortier and Laurent Gauthier (corporate); James Morand (tax); Joanna Rosengarten (environmental and regulatory); Thomas Isaac and Sarah Cunningham (Aboriginal); Bram Green and Patrick Kee (real property) and Christopher Tanzola and Daniel Artenosi (municipal).