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Innergex enters joint venture to acquire 140-MW hydro project in Chile

On the same day it announced the completion of the acquisition of interests in three hydro facilities in British Columbia, Innergex Renewable Energy Inc. said it has formed a joint venture with Energía Llaima, a renewable energy developer in Chile, to acquire a hydro project in that country.

Itaú Unibanco Holding SA, a Brazil-headquartered bank, will finance about $140 million of the overall $210 million deal, which is subject to certain regulatory approvals in Chile and a final partnership contract between Innergex and the Chilean company, Innergex said in May 15 news release.

The Duqueco hydro project consists of the 85-MW Peuchen and the 55-MW Mampil hydro facilities, both located on the Duqueco River, in the center-south portion of Chile. The output of both hydro facilities is sold under power purchase agreements at fixed prices until 2020, as well as on the spot market. The two plants were commissioned in 2001.

Additionally, Innergex entered into an exclusivity agreement with Energía Llaima to acquire a 50% interest in the company for total commitments of approximately $110 million to be invested until 2021. Innergex also intends to invest about $10 million to fund Energía Llaima's working capital.