Innergex Renewable Energy has announced that a final agreement has been signed with BayWa r.e. to purchase two wind projects in France with a total aggregate installed capacity of 43MW. The acquisition is expected to be concluded following the mechanical completion of the projects for which the commissioning is scheduled in the third quarter of 2017.
Innergex will have a 69.55% interest in the wind farms and Desjardins Group Pension Plan will own the remaining 30.45%. The purchase price of the equity is approximately € 27.2 million. All the electricity produced by these wind farms will be sold under power purchase agreements (PPAs) at fixed prices of which a portion is adjusted according to inflation indexes, for an initial term of 15 years, with Electricité de France (EDF). The projects consist of 18 Vestas wind turbines (with an individual gross capacity of 2MW and 3MW) that will be operated by the wind turbine manufacturer under a 15-year operation and maintenance contract.