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Innergex seeks FERC approval to acquire Alterra Power

Innergex Renewable Energy Inc. is seeking approval of the Federal Energy Regulatory Commission for its proposed C$1.1 billion acquisition of Alterra Power Corp.

Both companies are headquartered in Canada but own a few assets in the U.S., which puts the transaction under FERC jurisdiction. According to a Nov. 24 application to the commission, Innergex holds approximately 1,781 MW of electric generation in operation in Canada, France and the U.S., including the 9.5-MW Horseshoe Bend hydroelectric project in Idaho. Alterra's holdings include the 200-MW FTWIND (Flat Top Wind I) project in Texas, due to be in operation in early 2018, and the 204-MW South Clay Wind Farm (Shannon 1) already operating in Texas, both in the Electric Reliability Council of Texas market, as well as two small solar qualifying facilities, one in Indiana and one in Michigan. It also has hydroelectric and wind facilities in Canada and geothermal assets in Iceland.

Under the deal, Innergex will assume Alterra's outstanding debt and pay C$8.25 per share in a combination of cash and stock for the Vancouver, British Columbia-based company. Alterra shareholders will hold a special meeting Dec. 14 to consider the proposed deal.

FERC was requested to approve the transaction no later than 45 days after filing to meet the targeted deal close of Jan. 8, 2018. (FERC docket EC18-24)