Innergex buys 861 million in wind farms in Chile

The Quebec company Innergex becomes one of the largest producers of renewable energy in Chile with the acquisition of three wind farms for 861 million Canadian dollars.

Posted at 5:37 p.m.

Martin Vallieres

Martin Vallieres
The Press

With this purchase of wind assets with a capacity of 332 megawatts, Innergex will more than double the total installed capacity of its renewable energy production assets (wind, solar) in Chile.

To finance this major acquisition, which has been in preparation for several months, Innergex obtained a capital contribution of $37.4 million from its minority shareholder, Hydro-Québec. Innergex also raised $172.5 million in financing through the issuance of bought deal equity securities.

This is Innergex’s sixth investment in Chile since 2018. Earlier this year, the company acquired a 50.6 megawatt solar farm in the Atacama Desert. Innergex also recently launched the development of two large-scale battery energy storage projects in Chile.

In the opinion of Michel Letellier, President and Chief Executive Officer of Innergex, “Chile represents an attractive market for investment and offers several opportunities for growth” in the production of renewable energies.

Valued at 3.6 billion on the stock market, Innergex manages a portfolio of 83 renewable energy production assets (hydroelectric, wind, solar) with a net installed capacity of 3,484 megawatts. These assets are located in Canada, the United States, France and Chile.


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