On February 22, 2022, Innergex Renewable Energy Inc. completed a bought deal equity financing of common shares. Innergex issued an aggregate of 9,718,650 common shares, including 1,267,650 common shares issued as a result of the full exercise at closing of the over-allotment option granted to the syndicate of underwriters led by CIBC Capital Markets, National Bank Financial Inc., BMO Capital Markets and TD Securities Inc., at an offering price of $17.75 per common share for aggregate gross proceeds of $172,506,038.
Concurrent with the offering, Innergex also closed a private placement with HQI Canada Holding Inc., a subsidiary of Hydro-Québec. A total of 2,100,000 common shares were issued at the offering price for aggregate gross proceeds of $37,275,000.
Innergex is an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 80 operating facilities with an aggregate net installed capacity of 3,152 MW (gross 3,852 MW) and an energy storage capacity of 150 MWh, including 40 hydroelectric facilities, 32 wind farms and 8 solar farms. Innergex also holds interests in 12 projects under development, 3 of which are under construction, with a net installed capacity of 733 MW (gross 770 MW) and an energy storage capacity of 329 MWh, as well as prospective projects at different stages of development with an aggregate gross capacity totaling 7,122 MW.
Innergex used the net proceeds of the offering and the private placement to fund a portion of the purchase price of the acquisition of 100% of the ordinary shares of Aela Generación S.A. and Aela Energía SpA, a 332 MW portfolio of three newly-built operating wind assets in Chile.
Fasken represented the syndicate of underwriters with a team including Jean Michel Lapierre, Marie-Christine Valois, Alexandre Morin, Nancy Liu and Tristan Lalumière-Roberge.
Jurisdiction
- Québec
