Innergex Renewable Energy Inc. entered into an agreement to acquire 60 MW Sault Ste. Marie solar portfolio in Northwestern Ontario from Fengate Capital Management Ltd.for approximately CAD 220 million on January 23, 2023. Innergex announce that it has entered into an agreement to acquire the 60 MW Sault Ste.

Marie solar portfolio purchase price of CAD 50.2 million, along with the assumption of CAD 169.5 million of existing debt. The assets are expected to generate annual revenues of approximately CAD 33.1 million in 2023, while operating, general and administrative expenses are expected to reach approximately CAD 3.1 million during the same period. Over a historical four-year period, cash flow from operating activities of the Portfolio has reached an average of CAD 23.0 million on an annual basis, while Free Cash Flow has averaged CAD 7.5 million for the same period.

Innergex expects the Portfolio to be immediately accretive based on these historical averages. The acquisition will be financed with draws from Innergex's existing revolving credit facility. The acquisition is subject to certain regulatory approvals in Canada, key third party consents and other customary closing conditions.

The acquisition is expected to close in Q1 2023. National Bank Financial Inc. acted as financial advisor to Innergex.