Innergex Sells Minority Interests in its Texan Portfolio

Innergex sells shares in its Texas energy facilities for CAD 257 million to Irradiant Partners.

Share:

Innergex Cède des Participations Minoritaires dans son Portefeuille Texan.

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Innergex Renewable has reached an agreement with Irradiant Partners, LP for the sale of minority interests in three of its Texas facilities. This transaction, valued at CAD 257 million, is designed to reduce the risks associated with Innergex’s Texas assets and strengthen its balance sheet.

Strategic Partnership and Financial Impact

Innergex sells 49.9% of the Phoebe and Griffin Trail facilities and 22.2% of Foard City to Irradiant Partners, a Los Angeles-based investment manager. The CAD 257 million obtained will be used primarily to pay down debt on the Foard City and Phoebe projects, and to withdraw the Phoebe energy hedging contract. The remaining funds will be used for general corporate purposes. This partnership enables Innergex to maintain operational control of its assets while optimizing their performance and improving their risk profile.

Transaction structure and asset management

The transaction includes the sale of specific holdings: 49.9% in Phoebe (250 MW solar facility) and Griffin Trail (225.6 MW wind farm), and 22.2% in Foard City (350.3 MW wind farm). Innergex will continue to manage operations and keep its professional teams on site. The aim is to stabilize the revenue structure of the facilities, in particular Foard City and Griffin Trail, which will see no change in their revenue structure.

Growth prospects and risk management

Michel Letellier, CEO of Innergex, points out that this partnership with Irradiant allows Innergex to leverage its operating assets in Texas while moving away from the energy hedging model. This strategy aims to improve the company’s overall risk profile and optimize the performance of its assets. In fact, the transaction enables Innergex to strengthen and deleverage its balance sheet, a crucial step for the company’s future growth. This contract consolidatesInnergex ‘s investments in renewable energy projects.

Impact on the Innergex portfolio

Operating mainly in Canada, the United States, France and Chile, Innergex manages a diversified portfolio of hydroelectric, wind, solar and energy storage facilities. This transaction represents a strategic opportunity for Innergex to enhance the quality and resilience of its energy portfolio while generating sustainable cash flows and offering attractive returns to its shareholders. The facilities involved in this transaction are located in various Texas counties: Foard City in Foard County, Griffin Trail in Knox and Baylor Counties, and Phoebe in Winkler County. These sites, with a total installed capacity of over 826 MW, represent a significant portion of Innergex’s portfolio in the United States.

Portugal’s Galp Energia reported an adjusted net profit of €407 million in Q3, driven by higher refining margins and strong contribution from liquefied natural gas.
Air Liquide signs agreement to acquire NovaAir, strengthening its presence in India’s industrial gas market by expanding its national footprint.
Voltalia's Q3 2025 revenue rises to €164.7mn, fuelled by a sharp increase in services activity, while energy sales decline due to currency effects and lower prices.
Altano Energy secured €81mn ($85.7mn) to construct two onshore wind farms and three photovoltaic plants in southern Spain, reinforcing its multi-technology generation strategy.
Baker Hughes recorded a 23% increase in orders in Q3 2025, driven by its gas segment, while net income fell 20% year-on-year to $609mn.
Colombian company Ecopetrol has secured authorisation to borrow COP700 000 million ($171mn) from Banco Davivienda to bolster its liquidity over a five-year period.
Eni's net profit rose to €803mn in the third quarter, supported by a 6% increase in production despite falling crude prices.
French group Vinci posted revenue growth in the third quarter, supported by all its divisions, and reaffirmed its ambitions for 2025 despite a more restrictive tax environment.
T1 Energy secured $72mn via a direct offering of over 22 million common shares, aiming to strengthen its cash position and fund energy technology and infrastructure projects.
The American university unveils a new institute focused on the future of energy, funded by a $50mn gift from Robert Zorich, managing partner of EnCap Investments, to support applied research and training of new experts.
Sintana Energy has initiated legal proceedings in the Isle of Man to secure approval for its all-share acquisition of Challenger Energy, with support from over one-third of the target company’s shareholders.
EDF has selected Intesa Sanpaolo and Lazard to explore strategic options for Edison, its Italian subsidiary, as part of a broader asset review under its new chief executive officer.
TotalEnergies has signed an agreement to sell its subsidiary GreenFlex to engineering group Oteis, marking a step in its strategy to concentrate on energy production and supply.
VoltaGrid and Halliburton launch a strategic collaboration to deploy distributed power systems for data centres, with an initial rollout planned in the Middle East.
Japan's power futures market is poised for rapid expansion, backed by a government reform requiring supply contracts up to three years in advance.
PermRock Royalty Trust announces a $384,018 distribution to its unitholders, supported by higher production volumes despite a significant drop in oil prices and increased operating expenses.
The acquisition of U.S.-based ERG Environmental enables Arcwood to expand its footprint in the Great Lakes region and broaden its services to industrial and municipal sectors.
Energy services provider SLB saw its net income fall by 38% year on year in Q3 2025, even as the integration of ChampionX helped lift revenue by 4% sequentially.
EDF confirms it is exploring capital openings and calls for strict investment prioritisation, facing €54.3bn ($57.5bn) in debt and massive funding needs by 2040.
A consortium led by Masdar and CPP Investments proposes to acquire all of ReNew at $8.15 per share, representing a 15.3% increase over the initial offer.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.