LONGUEUIL, QC - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") and BlackRock Real Assets ("BlackRock") are pleased to announce the commissioning on March 23, 2018, of the Flat Top (200 MW) wind farm located near the town of Priddy, Texas. Innergex has a 51% interest in the wind farm, which was acquired on February 6, 2018, as part of the acquisition of Alterra Power Corp. A fund managed by BlackRock Real Assets owns the remaining 49%.
"Innergex is proud to continue its core mission with the commissioning of another reliable, affordable, clean and renewable energy facility that will play a part in addressing global climate change," said Michel Letellier, President and Chief Executive Officer of Innergex. "The commissioning of our second wind farm in Texas is a significant milestone in our strategy as we aim to increase our presence in the United States where we intend to bring more high-quality projects online in a near future."
"We are very pleased to invest in the Flat Top wind farm on behalf of our clients. This transaction demonstrates BlackRock's continued focus on renewable power investments, which currently amount to US$5 billion of equity assets under management," said David Giordano, head of BlackRock Renewable Power Americas and APAC. "We continue to see the U.S. an attractive market for wind assets where BlackRock have invested in more than 30 wind and solar projects."
The Flat Top wind farm, located in central Texas, consists of 100 Vestas V110 wind turbines (each with a hub height of 95 meters and nameplate capacity of 2.0 MW) that will be operated by the wind turbine manufacturer under a 10-year operation and maintenance contract. The Flat Top wind farm will sell 100% of its output to the ERCOT power grid and fix the power price on the majority of its revenue under a 13-year commodity hedge agreement with an affiliate of Citi, commencing on August 1, 2018.
Concurrent with commercial operation, subsidiaries of Berkshire Hathaway Energy and Citi have completed a US$211.3 million tax equity financing of the project of which proceeds were used primarily to retire the project's construction loan.
About Innergex Renewable Energy Inc.
The Corporation develops, acquires, owns and operates run-of-river hydroelectric facilities, wind farms, solar photovoltaic farms and geothermal power generation plants. As a global player in the renewable energy sector, Innergex conducts operations in Canada, the United States, France and Iceland. Innergex manages a large portfolio of assets currently consisting of interests in 64 operating facilities with an aggregate net installed capacity of 1,604 MW (gross 2,886 MW), including 34 hydroelectric facilities, 25 wind farms, three solar farms and two geothermal facilities. It also includes interests in one project under construction with a net installed capacity of 5 MW (gross 10 MW) and prospective projects at different stages of development with an aggregate net capacity totalling 8,530 MW (gross 9,200 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P. The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.
About BlackRock Real Assets
BlackRock Real Assets provides clients access to a distinct range of outcome-orientated real asset investment strategies – including infrastructure, real estate and renewable power – spanning the entire risk / return spectrum. Clients benefit from BlackRock's global reach and local on-the-ground expertise, as well as the firm's market-leading risk management, technology and analytics capabilities. As of December 31, 2017, BlackRock Real Assets managed more than $40 billion in invested and committed client assets, supported by more than 360 professionals across 25 offices in 15 countries.
Non-IFRS measures disclaimer
Readers are cautioned that Adjusted EBITDA is not a measure recognized by IFRS and has no standardized meaning prescribed by it, and therefore may not be comparable to those presented by other issuers. Innergex believes that this indicator is important, as it provides management and the reader with additional information about its cash generation capabilities and facilitates the comparison of results over different periods. References in this press release to "Adjusted EBITDA" are to revenues less operating expenses, general and administrative expenses and prospective project expenses. Readers are cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings as determined in accordance with IFRS.
Source : newswire.ca