Date Closed

April 20, 2011

Lead Office

Toronto

Value

140.00 Million CAD

On April 20, 2011, Innergex Renewable Energy Inc. completed the acquisition from Enfinity NV of all of the issued and outstanding shares of Solaris Energy Partners Inc., which entity holds the rights to develop a solar power project located in East Hawkesbury, Ontario, Canada, known as the Stardale Project.

With a forecast electric output estimated at 39 GWh, the Stardale Project is projected to provide electricity to approximately 2,600 homes.  The Stardale Project is being developed on two parcels of land totalling 300 acres and consists of a ground-mounted PV array system, including a total of approximately 144,060 modules and 54 inverters, for a total installed capacity of 27 MW.  All electricity produced by the Stardale Project will be sold pursuant to agreements with Ontario Power Authority under the Renewable Energy Standard Offer Program for a 20 year term.

The total development costs are expected to be approximately $140 million.  An affiliate of Enfinity NV will act as EPC contractor for the construction of the Stardale Project as well as operations and maintenance provider under a fixed price long-term contract.

Innergex Renewable Energy, headquartered in Longueuil, Québec, is a developer, owner and operator of run-of-river hydroelectric facilities, wind energy, and solar farms in North America.

McCarthy Tétrault LLP represented Innergex Renewable Energy, the acquiror, with a team led by Suzanne Murphy.