Innergex buys 60 MW solar PV portfolio in Ontario

Fengate Asset Management has agreed to sell the 60 MW Sault Ste. Marie solar portfolio in northwestern Ontario, Canada, to Innergex Renewable Energy Inc. for CAD50.2 million (US$37.6 million), plus the assumption of CAD169.5 million (US$126.8 million of outstanding debt.

The Sault Ste. Marie 1, 2, and 3 facilities (SSM1, SSM2, and SSM3, respectively) were fully commissioned in 2010 and 2011 and have had a good operating record since then. The Independent Electricity System Operator contracts all three plants for long-term electricity purchases. The portfolio has a remaining nine-year average contract life.

The transaction is expected to close in Q1 2023 after Canadian regulatory clearances, key third party consents, and other closing conditions.