Innergex acquires Alterra for USD 1.1 billion in renewable energy deal

In a major tide of events witnessed across the renewable energy cosmos, Innergex Renewable Energy Inc., a key developer of hydropower and wind & solar power in North America, has acquired Alterra Power Corporation. Apparently, the Canadian firm operating in renewable power generation, has been taken over by Innergex for about USD 1.1 billion, including debt.

Reports are rife with the fact that the deal may commendably improve Innergex’s power generating capacity by nearly 485 megawatts. According to The Financial Post, Alterra owns 8 power-generating units across the globe with a combined energy producing capacity of nearly 825 MW from its hydro, geothermal, solar, and wind farms in Iceland, Canada, and the U.S. The construction of its 200 MW flat top wind project in Texas is projected to be completed by mid-2018.

Reportedly, this acquisition may help Innergex further expand its energy business & assets across the U.S., Iceland, and Canada. The deal is also expected to support the firm’s bid to establish its customer base across the U.S. renewable energy sector. With various states of the U.S. looking to reduce GHG emissions, the demand for sustainable energy is escalating, thereby encouraging the Canadian renewable energy firms to invest in the regional market, cite experts.

Apparently, the Northeastern states in the U.S.  are closing their nuclear & coal-powered units and looking for renewable source of energy to generate clean energy. This move is forecast to benefit the Canada-based firms such as Innergex, that are eager to expand their business in the region offering lucrative growth prospects.

Innergex, in all probability, may be interested in signing a deal with Hydro-Quebec, a Canadian based public utility organization, for providing power supply to the Northeastern states of the U.S. Prior to the acquisition of Alterra, the firm had two wind energy projects in Texas and two solar energy farms in Indiana & Michigan.