Innergex Renewable Energy Inc is set to become sole shareholder in Chilean renewable energy company Energía Llaima SpA after agreeing to acquire the remaining 50% interest in the company for CAN$88.36 million, with the firm already owning 50% of the company.
Energía Llaima has interests in and operates three hydro facilities in Chile with a gross installed capacity of 152MW, a solar thermal facility with a gross installed capacity of 34MW, as well as several projects in the development or prospective stages. It also manages operations at the Salvador solar farm on behalf of Innergex.
"Three years ago, we entered the Latin American market through a joint venture with Energía Llaima, and we have since gained a solid understanding of the market and operations. Innergex is now ready to pursue its growth on its own in the Chilean and larger Latin America market," said Michel Letellier, President and Chief Executive Officer of Innergex. "By acquiring the remaining interests in Energía Llaima, we will be able to unlock value from sharing best practices and achieving operational synergies. We are welcoming a pool of highly skilled and passionate employees who will bring new expertise to Innergex while benefitting from the support of a larger corporation."