Innergex Renewable Energy Inc. announces the signing of an agreement to form a long-term partnership with Crédit Agricole Assurances, in association with Crédit Agricole Centre-Est, for the acquisition of a 30% minority interest in Innergex’s business portfolio in France, representing an investment of €128.0 million (C$188.4 million), subject to customary closing adjustments.
Innergex joins forces with Crédit Agricole Assurances to boost green energy in France
The proceeds will be used to immediately reduce Innergex’s revolving credit facilities upon closing and to finance the Company’s development activities. This long-term partnership with France’s leading insurer will support Innergex’s development and growth strategy in France, with the parties committing to additional capital contributions for the development and financing of ongoing projects at various stages of development.
Michel Letellier, President and CEO of Innergex, said: “This long-term partnership agreement is a vote of confidence from a financially solid and renowned French partner like Crédit Agricole Assurances. It testifies to the quality of our existing assets, our development activities and our strategy in France, as well as to the quality and expertise of our development team. At a time when the new renewable energy bill adopted by the French Parliament promises to accelerate the development of renewable energies, this long-term partnership provides Innergex with additional financial flexibility to pursue and accelerate its wind and solar project development activities for years to come.”
Philippe Dumont, Chief Executive Officer of Crédit Agricole Assurances, said: “We are proud to announce this new partnership in support of the energy transition. This investment in Innergex France, a French platform with strong potential in the field of renewable energies and a subsidiary of a leading group with recognized expertise, is fully in line with the Crédit Agricole Group’s climate commitments in favour of a low-carbon economy. This transaction will also contribute to Crédit Agricole Assurances’ objectives in renewable energies, as well as to achieving an installed capacity of 14 GW by 2025”.
Innergex receives €128 million investment from Crédit Agricole Assurances
Transaction highlights Investment of €128.0 million (CA$188.4 million) by Crédit Agricole Assurances. 17 operating assets comprising a portfolio of wind power assets with a total installed capacity of 324 MW and 9 MW / 9 MWh of battery storage capacity, as well as a broad portfolio of assets at various stages of development. Existing energy production of 691 GWh per year. Revenue of €73.8m (C$108.6m) in the twelve months to March 31, 2023.
Operating, general and administrative expenses of €29.7m (C$43.7m) in the twelve months to March 31, 2023. Innergex France enterprise value estimated at €710.1 M (C$1,044.8 M), including cash of €22.2 M (C$32.7 M). The Innergex team will continue to manage the entire value chain, from development to construction and operation. The proceeds from the sale will be used to reduce Innergex’s revolving credit facilities and to finance the Company’s development activities over the next few years.
