‘High-performing assets’: Solar farms in Sault sell for $50M

Innergex Renewable Electricity to obtain 60MW solar portfolio from Fengate Asset Administration

3 solar farms in Sault Ste. Marie have a new operator.

Innergex Renewable Electricity Inc. announced that it has entered into an agreement to receive a 60MW solar portfolio from Fengate Asset Administration.

The rate tag is $50.2 million, together with the assumption of $169.5 million of existing financial debt.

“This is our to start with acquisition in Canada given that 2018, and we are thrilled to add this selection of substantial-doing thoroughly contracted solar belongings to our portfolio for more and responsible Canadian dollar hard cash flows,” explained Michel Letellier, president and main government officer of Innergex, which has its Canadian headquarters in Longueuil, Que. 

“The portfolio adds to our geographical diversification and improves our asset blend by including 60MW of solar potential to our current fleet.”

The Sault Ste. Marie 1, 2, and 3 services attained total commissioning among 2010 and 2011.

They have attained an superb running observe file given that then, with a historical 5-yr weighted-normal availability of 98.5%, the corporation claimed in a news release.

All a few amenities are completely contracted less than extensive-expression ability invest in agreements with the Unbiased Electric power Process Operator. The solar farms have an regular remaining contract everyday living of close to nine several years, the enterprise reported.

The farms are expected to create annual revenues of about $33 million in 2023, although functioning, common and administrative expenditures are anticipated to access just around $3 million for the duration of the same period of time, in accordance to the release.

The acquisition is predicted to near in the initially quarter of 2023 and is subject to specific regulatory approvals in Canada, critical third social gathering consents and other customary closing problems.