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Innergex enters South American renewable energy market by acquiring two hydro facilities

Staff Writer |
Innergex Renewable Energy and Energía Llaima, a renewable energy company located in Chile, announced that they have been selected in a bid process to acquire in partnership the Duqueco hydro project (140 MW) which includes two hydro facilities in Chile.

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The acquisition is subject to certain regulatory approvals in Chile and to reaching a final partnership agreement between the parties.

In addition, Innergex has signed an exclusivity agreement with Energía Llaima for a joint venture partnership to acquire a 50% stake in the company.

Final agreements should be reached in the coming weeks in respect to this venture.

Upon signing a final partnership agreement, Innergex would own 50% of Energía Llaima for a total commitment of $110 million (C$140.5 million) to be invested in the next three years.

In addition to the investment in the Duqueco project, Innergex will invest an additional $10 million (C$12.8 million) in Energía Llaima to contribute to its working capital.

With these investments, Innergex’s commitment would almost be reached.

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