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Innergex acquires 50% stake in Chilean renewables company

Innergex Renewable Energy Inc. completed a joint venture partnership with Energia Llaima by acquiring a 50% ownership in the Santiago, Chile-based renewables company.

Innergex said July 3 that it initially invested $10 million, or C$12.8 million, through available funds under its corporate revolving credit facilities. The company has agreed to invest an additional $100 million, or C$140.5 million, over a 12-month period.

Of the additional investment, $90 million will be used to acquire the 140-MW Duqueco hydro project.

Energia Llaima owns a major interest in the 12-MW Energía Coyanco hydro project and the 34-MW Pampa Elvira solar thermal facility. Its development portfolio includes the 109-MW Central Frontera and 16-MW Central El Canelo hydro projects, which are in advanced stages of development.

The Energía Coyanco hydro project and the Pampa Elvira solar project are expected to generate projected adjusted EBITDA of approximately $6.5 million, or C$8.3 million, annually, according to the news release.