The historic cold snap that paralyzed Texas in February 2021 continues to affect green energy producer Innergex, which divested from one of the wind farms it operates in that state on Tuesday.
The Longueuil-based company briefly indicated that it had sold its 51% stake in the Flat Top wind farm, without disclosing the amount of the sale.
Innergex made no secret of its intentions, the company having already announced earlier this year its intention to sell its stake in the Flat Top farm, as well as the 50% stake it holds in the Shannon wind farm.
The energy producer had been greatly scalded by the unprecedented cold snap that had hit Texas. Recall that the freezing temperatures that had affected this state had paralyzed the production of electricity, the installations not being designed to withstand such conditions. The cold snap had deprived tens of thousands of Texans of heat, killing dozens of people.
In the case of Innergex, the drastic decrease in production at its facilities had forced the supplier to buy energy at an astronomical price on the market, to resell it at a tiny fraction of the purchase cost, in order to respect its contractual obligations.
This mishap cost the Quebec firm approximately $ 64.2 million, according to its quarterly financial reports.