Innergex Renewable Energy and Hydro-Québec have announced the creation of a strategic alliance that will allow both corporations to accelerate their respective growth strategies and mutually benefit from their complementary skills and knowledge. Innergex and Hydro-Québec will combine forces to form a new world-class alliance in renewable energy. This Strategic Alliance is well positioned to leverage the strong Québec know-how in renewable energy and power grid management into global opportunities.

The Strategic Alliance between Innergex and Hydro-Québec will target specific strategic investments for their mutual benefit. Targeted areas for investment include wind and solar projects with battery storage or transmission, distributed generation, off-grid renewable energy networks, and other sectors as may be agreed by both parties. Hydro-Québec has committed an initial $500 million to the Strategic Alliance which will be entirely and exclusively dedicated to co-investment projects with Innergex.

To strengthen Hydro-Québec’s commitment to Innergex, to finance Innergex’s strong development and acquisition portfolio and to position the Corporation for accelerated growth in the years to come, HydroQuébec has made a $661 million investment in Innergex through a private placement of Innergex common shares at a price of $19.08 per share, representing a premium of 5.0% to the 30-day volume weighted average price as at February 5, 2020. With this Private Placement, HydroQuébec is now a key strategic investor in the Corporation holding 19.9% of the issued and outstanding common shares on a non-diluted basis.