Innergex Renewable Energy Inc. (TSX:INE) entered into a agreement to acquire Aela Generación S.A./Aela Energía SpA from Actis LLP and Mainstream Renewable Power Limited for approximately CAD 870 million on February 3, 2022. Aela Generación S.A. and Aela Energía SpA together “Aela”, a 332 MW portfolio of three newly-built operating wind assets in Chile. The purchase price of CAD 871 million including the assumption of CAD 490 million of existing debt. Aela's portfolio consists of the Sarco wind farm (170 MW), the Aurora wind farm (129 MW) and the Cuel wind farm (33 MW). The net purchase price of CAD 381 million after assumption CAD 490 million of existing debt, will be financed as CAD 150 million of gross proceeds via a concurrent bought deal equity offering, before the overallotment option, CAD 37 million of gross proceeds via a concurrent private placement to an affiliate of HydroQuébec and The remaining financing requirements will be financed by net proceeds from a combined refinancing of the non-recourse debt at the Facilities and at Innergex's existing Chilean projects, expected to be arranged in Q2 2022. A portion of the financing plan is supported by acquisition debt facilities provided by CIBC. The Offering and Private Placement are subject to all standard regulatory approvals, including that of the Toronto Stock Exchange, and are expected to close on or about February 22, 2022. The transaction is subject to the regulatory approval and approval of the Chilean Antitrust Agency (Fiscalía Nacional Económica), as well as customary closing conditions. Transaction is expected to close in Q2 2022. SMBC Nikko Securities Americas, Inc. and CIBC Capital Markets acted as financial advisors to Innergex. Credit Suisse Group AG (SWX:CSGN) acted as financial advisor to Actis LLP and Mainstream Renewable Power Limited. Nicholas Hughes of Clifford Chance LLP acted as legal advisor to Actis LLP and Mainstream Renewable Power Limited. Claudio Lizana, Manuel Alcalde and Fernando Noriega of Carey & Allende Abogados acted as legal advisors to Carey & Allende Abogados. DLA Piper UK LLP acted as legal advisor to Innergex Renewable Energy Inc.

Innergex Renewable Energy Inc. (TSX:INE) completed the acquisition of Aela Generación S.A./Aela Energía SpA from Actis LLP and Mainstream Renewable Power Limited on June 9, 2022.