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Innergex and Hydro-Québec enter a Strategic Alliance and Private Placement

Date Closed

February 6, 2020

Lead Office

Montréal

Value

1.16 Billion CAD

On February 6, 2020, Innergex Renewable Energy Inc. and Hydro-Québec announced the creation of a strategic alliance and closing of a private placement. Hydro-Québec has made a C$661 million investment in Innergex through a private placement of Innergex common shares at a price of C$19.08 per share. With this private placement, Hydro-Québec is now a key strategic investor in Innergex holding 19.9% of the issued and outstanding common shares on a non-diluted basis.

Hydro-Québec has committed an initial C$500 million to the Strategic Alliance which will be entirely and exclusively dedicated to co-investment projects with Innergex. This strategic alliance combines Hydro-Québec's top expertise, reputation and financial strength with Innergex's entrepreneurial culture, wind and solar development and knowledge of international markets. The alliance is aimed at providing both companies with a strong platform to accelerate development in North America, Latin America and Europe.

Innergex is an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and geothermal power generation plants. As a global corporation, Innergex conducts operations in Canada, the United States, France, Chile and Iceland.

Hydro-Québec is a public utility that manages the generation, transmission and distribution of electricity in Québec, as well as the export of power to portions of the Northeast United States.

McCarthy Tétrault LLP advised Innergex with a team led by Philippe Leclerc and Hadrien Montagne that included Marc Dorion (Strategic Advice), Patrick Boucher, Mathieu LeBlanc, Xin Gao, Isabelle Nazon, Alexandre Saulnier-Marceau (Securities/Corporate), Richard O’Doherty (Financing), Dominic Thérien, Julien Beaulieu (Competition & Foreign Investment), Marc-Alexandre Hudon (Regulatory), Danielle Drolet (Real Estate), Diana Theophilopoulos (Labour), Véronique Wattiez-Larose (Intellectual Property), Christian Meighen and Angelo Discepola (Tax).

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