Innergex and Hydro-Québec enter New York renewables market as they complete first joint acquisition
3 November 2021
Innergex Renewable Energy Inc. and HQI US Holding LLC, a subsidiary of Hydro-Québec, have completed the 50-50 joint acquisition of the 60MW Curtis Palmer hydroelectric portfolio in the US state of New York.
The US$318.4 million acquisition includes two run-of-river hydroelectric facilities, Curtis Mills (12MW) and Palmer Falls (48 MW). Curtis Palmer has a power purchase agreement for energy, RECs and capacity with Niagara Mohawk Power Corporation. The 5 employees currently working at the Facilities are joining the Innergex team.
"As the first acquisition made under the Strategic Alliance with Hydro-Québec, Curtis Palmer is proof of the excellent collaboration between our teams and the full potential of the Strategic Alliance in Innergex's growth strategy," said Michel Letellier, President and Chief Executive Officer of Innergex. "Together, we will continue to join our forces and expertise and work on our shared purpose of increasing our presence in the energy transition and creating value with high-quality assets."
"Together with Innergex, we have embraced the opportunity to acquire strategic assets that will generate attractive returns for Québec, and we continue to further our alliance. By investing directly in hydropower generation in New York, we are strengthening our business relationship with the state and pursuing our efforts to promote renewable energy in North America," addedd Pierre Despars, Vice President – Corporate Strategy and Business Development for Hydro-Québec.
