Innergex Renewable Energy Inc. announced the acquisition of a wind farm portfolio of 119,5 MW from Velocita Energy Development, a subsidiary of the investment firm Riverstone LLC. The acquired projects are in the late stage of construction, with 97.3 MW out of 119.5 MW (or 81%) already at mechanical completion. Full commissioning is expected in phases until the end of the year.
Completion of the transaction is expected to occur during the second quarter of 2017 and is subject to satisfaction of customary closing conditions.
Jeantet assisted Innergex in the transaction with Karl Hepp de Sevelinges, Partner, Michael Samol, Counsel, and Ruben Koslar and Stephan de Groër, Associates. McCarthy Tétrault’s London office (Sarah Landry Maltais) provided support with regard to English-law aspects of the transaction.
With this transaction, Karl Hepp de Sevelinges’ team further strengthens its track record in renewable energy transactions, after assisting the Canadian Enbridge Inc. in 2016 in the acquisition of a 50% stake in a 1.400 MW offshore wind portfolio since then co-developed with EDF EN France.
Riverstone LLC was advised by the London-based firm Watson Farley & Williams LLP (Evan Stergoulis, Partner, Richard Collinson, Senior Associate and Danny Perera, Associate) and by the investment bank Augusta & Co (Charlie Hodges) with regard to financial aspects.