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Innergex becomes sole owner of 3 hydro facilities in British Columbia

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Innergex becomes sole owner of 3 hydro facilities in British Columbia

Innergex Renewable Energy Inc. has become the sole owner of the Creek Power Inc., after acquiring the remaining 33.3% stake in the company from Ledcor Power Group Ltd.

Creek Power owns indirect stakes in three hydroelectric facilities, namely 7.5-MW Fitzsimmons Creek, 25.3-MW Boulder (Pebble) Creek Hydro and 81.4-MW Upper Lillooet River in British Columbia, as well as a portfolio of prospective projects, according to a May 14 news release.

The company also owned all the preferred equity for an amount of C$98.4 million bearing an annualized after-tax return of 12.9%.

"This transaction gives Innergex a 100% stake in three hydro facilities that it already operates and for which long-term electricity purchase agreement are in place with [BC Hydro and Power Authority] for remaining periods of 32 to 39 years," Innergex President and CEO Michel Letellier said in a statement.