Innergex Bumps Up Solar Energy Portfolio with Ohio Project

Innergex Renewable Energy (TSX:INE) announced on Monday (October 22) the acquisition of a 260-MW-DC Hillcrest solar project located in Brown County, Ohio for an undisclosed amount.

Innergex says the prospective photovoltaic project was acquired from current developers Open Road Renewables and MAP Renewable Energy. The project is potentially slated for commercial operation between 2020 and 2021 and has a service agreement for interconnection with Duke Energy (NYSE:DUK).

The company, which now has a presence in seven states in the US, has begun discussions for selling the electricity generated from the project through a power purchase agreement.

“The acquisition of this prospective project increases Innergex’s footprint in the US Midwest,” Michel Letellier, CEO of Innergex, said in a release. “The renewable energy market in this area has many prospective development and long-term contracts possibilities with a diverse list of potential clients.”

The asset is one of the first utility-scale projects to complete the Ohio Power Siting Board (OPSB) permitting process and to receive a certificate of environmental compatibility and public need to construct an electric-generation facility.

The project developers first filed an application with the OPSB on May 4, 2017 and received approval on February 15, 2018.

According to documents filed with the OPSB, the project was initially set to begin construction in April 2018 with an in-service date of December 2019. In its release, Innergex says that the project is ready to build upon the signing of an offtake contract.

The project, which is set to be constructed on 1,100 acres of privately owned land, is seen powering 30,000 homes in the region.

Currently, Innergex has a net capacity of 337.4 MW of solar generation, including the 315-MW Phoebe project, which is under construction in Western Texas. The company has an overall net installed capacity of 1,725 MW across its 68 operating facilities, which range from hydroelectric to solar to wind.

Following the announcement, shares of Innergex were down 0.17 percent to close the trading session on Monday at C$11.99.

The company has a “moderate buy” ranking on TipRanks with an analyst target price of C$15.08, a high estimate of C$15.75 and a low estimate of C$14.50. On TradingView, the stock has a “sell” ranking with 14 verticals against, 10 in neutral and two in favor.

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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.