Date Closed

March 29, 2010

Lead Office

Québec City

Value

417.00 Million CAD

On March 29, 2010, Innergex Power Income Fund (the “Fund”) and Innergex Renewable Energy Inc. (“Innergex”) completed a strategic combination by way of a plan of arrangement (the “Arrangement”). The Arrangement was structured as a reverse take-over of Innergex by the Fund in order to effect the conversion of the Fund to a corporation. Pursuant to the Arrangement, Fund unitholders (other than Innergex) exchanged their Fund units on the basis of 1.460 Innergex common shares for each Fund unit held (the “Exchange Ratio”), entitling Fund unitholders (other than Innergex) to an aggregate of 36,032,606 Innergex common shares, with a total value of approximately C$252 million (based on the deemed value of the Innergex common shares attributed in the context of determining the Exchange Ratio). Through the Arrangement, the Fund unitholders (other than Innergex) acquired a 61% interest in the combined entity which, at closing, had a market capitalization of approximately C$417 million (based on the deemed value of the Innergex common shares attributed in the context of determining the Exchange Ratio).

Innergex, based 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, as target in the acquisition, with a team led by Marc Dorion.