Innergex Renewable Energy completes C$417 million acquisition of Cloudworks Energy
Date Closed
April 4, 2011
Lead Office
Montréal
Value
417.00 Million CAD
On April 4, 2011, Innergex Renewable Energy Inc. (“Innergex”) completed its acquisition of Cloudworks Energy Inc. ("Cloudworks"), for a purchase price of approximately C$187 million, approximately C$39 million of which was paid by issuance of common shares of Innergex via a private placement to the shareholders of Cloudworks. The balance was paid in cash (subject to a customary holdback). In addition, shareholders of Cloudworks are entitled to receive certain conditional deferred payments based on the future performance of the Cloudworks portfolio of assets.
The acquisition enterprise value of Cloudworks was approximately C$417 million. In addition to the C$187 million purchase price, Innergex assumed an estimated net debt of approximately C$230 million.
Cloudworks, headquartered in Vancouver, British Columbia, is a run-of-river hydro developer.
Innergex, headquartered in Longueuil, Québec, is a leading developer, owner, and operator of run-of-river hydroelectric facilities and wind energy projects in North America, and a developer of solar photovoltaic installations.
McCarthy Tétrault LLP represented Innergex, with a team led by Marc Dorion.