Innergex acquires 62% interest in five wind farms from TransCanada for $620M

On October 24, 2018, Innergex Renewable Energy Inc. completed the acquisition of the 62% undivided co-ownership participation of TransCanada Corporation in five wind energy farms in Quebec (“Cartier Wind Farms”), as well as TransCanada’s 50% interest in the operating entities of the Cartier Wind Farms, for approximately $620 million. Innergex already owned the remaining interests in the Cartier Wind Farms and its operating entities. The transaction will increase Innergex’s net capacity by 366MW.

In connection with the acquisition, Innergex has obtained two short-term credit facilities of $400 million and $228 million to cover the purchase price and transaction costs in its entirety.

Innergex is a global renewable energy company that develops, acquires, owns and operates run-of-river hydroelectric facilities, wind farms, solar photovoltaic farms and geothermal power generation plants.

TransCanada is a leading developer and operator of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities.

Innergex was represented by an in-house legal team led by Nathalie Théberge, Vice President - Corporate Legal Affairs and Secretary, and that included Anabela Sousa, senior paralegal and by McCarthy Tétrault LLP with a team that included Marc Dorion, Philippe Fortier, Hadrien Montagne and Isabelle Nazon (Corporate), Richard O'Doherty and François Dupuis (Financial Services) and Danielle Drolet and Danielle Gagnon (Real Estate).

TransCanada was led in-house by Victoria Marselle, Director Commercial & Regulatory Law, Energy, and Kara Levis, Senior Legal Counsel, Energy Law. TransCanada was also advised by Stikeman Elliott LLP with a team that included Sean Vanderpol and Michael Decicco (Corporate) and Bertrand Ménard and Stéphanie Bernier (Real Estate); and by Blake, Cassels & Graydon LLP as tax advisors with a team that included Robert Kopstein and Dan Jankovic (Tax) and Trevor Rowles and Sharagim Habibi (Corporate).