Innergex Expands its Solar Energy Portfolio

Innergex Renewable Energy (TSX:INE) announced the acquisition of an 260MW solar prospective project in Brown County, Ohio from the developers of the project, Open Road Renewables and MAP Renewable Energy.

The company said that the acquisition expands Innergex’s US footprint to seven states and that the acquired project is ready to be built upon signing of an offtake contract.

As quoted in the press release:

“The acquisition of this prospective project increases Innergex’s footprint in the US Midwest. The renewable energy market in this area has many prospective development and long-term contracts possibilities with a diverse list of potential clients,” said Michel Letellier, President and Chief Executive Officer of Innergex. “All major development milestones are completed, and we are optimistic signing a solid off-taker given Innergex’s strong reputation in bringing projects to execution.”

The Hillcrest project is one of the first utility scale solar projects to complete the Ohio Power Siting Board (OPSB) permitting process successfully and was awarded the necessary certificate of Environmental Compatibility and Public Need to Construct an Electric Generation Facility. Interconnection service agreements are in place with PJM to interconnect to the Duke Energy owned Hillcrest substation, that would allow a commercial operation date between 2020 and 2021. Innergex has begun discussions to sell the power produced by the facility through a power purchase agreement.

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