US$188 million (CAN$257 million) investment by Irradiant, including customary working capital adjustments- De-risks
Innergex's Texas assets and enhances the quality of its portfolio - Strengthens and de-leverages
Innergex's balance sheet Innergex to maintain operating control of the assets
"We are proud to partner with Irradiant to de-risk and enhance our
Transaction highlights
US$188 million (CAN$257 million) investment by Irradiant, aLos Angeles -based private equity firm with overUS$12 billion (CAN$16 billion) in assets under management.Innergex to sell 49.9% of the Phoebe andGriffin Trail facilities and 22.2% of theFoard City facility.Innergex to continue managing operations and will retain its professional and dedicated teams already in place.- Proceeds from the sale to be applied towards repaying
Foard City and Phoebe project debts and removing the power hedge offtake contract in place at Phoebe. Foard City andGriffin Trail's revenue structure will remain unchanged.
About the assets
TECHNOLOGY | INSTALLED | COMMERCIAL | LOCATION | |
Wind | 350.3 MW | 2019 | ||
Wind | 225.6 MW | 2021 | ||
Phoebe | Solar | 250 MW | 2019 |
Conference call
For over 30 years,
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Irradiant is an alternative investment manager focused on Liquid Credit, Opportunistic Credit, and Renewable Private Equity and Credit. Irradiant has over
Cautionary Statement Regarding Forward-Looking Information
To inform readers of the Corporation's future prospects, this press release contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"), including the Corporation's growth targets, power production, sources and impact of funding, project acquisitions and sales, and strategic, operational and financial benefits and accretion expected to result from such acquisitions or sales, business strategy, business integration, governance, business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as "approximately", "may", "will", "could", "believes", "expects", "intends", "should", "would", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or "forecasts", or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release.
Forward-Looking Information includes future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the estimated targeted revenues and targeted Free Cash Flow, and targeted Free Cash Flow per Share. Such information is intended to inform readers of the potential financial impact of expected results, of the potential financial impact of completed and future acquisitions or sales and of the Corporation's ability to pay a dividend and to fund its growth. Such information may not be appropriate for other purposes.
Forward-Looking Information is based on certain key assumptions made by the Corporation, including, without restriction, those concerning wind regimes and solar irradiation; performance of operating facilities, availability of capital resources and timely performance by third parties of contractual obligations; favourable economic and financial market conditions; average merchant spot prices consistent with external price curves and internal forecasts; no material changes in the assumed
For more information on the risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the forward-looking information or on the principal assumptions used to derive this information, please refer to the "Forward-Looking Information" section of the Management's Discussion and Analysis for the three months ended
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