Innergex Renewable Energy has signed a deal with Irradiant Partners to divest minority interests in its 826 MW renewable energy portfolio in Texas. Innergex plans to sell 49.9 per cent of its stakes in the Phoebe and Griffin Trail facilities, along with 22.2 per cent of its interest in the Foard City facility, to Irradiant.
The transaction is valued at a total equity consideration of $188 million, which includes customary working capital adjustments. Furthermore, the net proceeds from this sale will mainly be used to repay the existing project debt for Foard City and Phoebe, as well as to remove the power hedge offtake contract at Phoebe. Remaining fund is expected to be used for general corporate purposes.
In October 2023, Innergex Renewable Energy received a $322.7 million tax equity investment for its 329.8 MW Boswell Springs wind project in the US state of Wyoming, which is now under development. Reportedly, JP Morgan, Capital One, and Innergex completed the upfront tax obligation.
