Innergex buys 138 MW Mountain Air wind portfolio in Elmore County

Innergex Renewable Energy Inc. has acquired all the Class B shares of a portfolio of six operating wind farms in Elmore County, Idaho, in the United States for a purchase price of US$56.8 million from Terna Energy SA. The six 23 MW wind farms, Cold Springs, Desert Meadow, Hammett Hill, Mainline, Ryegrass and Two Ponds, have a total installed capacity of 138 MW.

The wind farms were fully commissioned in December 2012. The Mountain Air Acquisition is expected to produce a gross estimated long-term average of 331 GWh per year and a US$21.1 million projected adjusted EBITDA for 2021. The Class B shares should provide Innergex with additional cash immediately available for distribution representing 62.25% of the project free cash flow. Following cash distributions to the tax equity partner, the distributions receivable by Innergex would be approximately US$6.1 million. The Class A shares will remain the property of the tax equity partner. The existing US$111.1 million long-term non-recourse project-level financing amortized over the next 12 years remains in place.

The Mountain Air wind farms are equipped with a total of 60 Siemens Gamesa 2.3 - 101 model wind turbines that are all connected to a common substation. The wind turbines are currently under a full scope Service Maintenance Agreement, and all wind farms have power purchase agreements with Idaho Power Company for 100% of their capacity over a remaining period of approximately 12.5 years.