Innergex Renewable Completes JV Partnership with Chile-based Energía Llaima

The Canadian firm has invested an initial amount of USD 10 million via available funds under its corporate revolving credit facilities.

Canada headquartered Innergex Renewable Energy has completed its Joint Venture (JV) partnership with Chile-based Energia Llaima for a 50 percent stake in the company.

The Canadian firm has invested an initial amount of USD 10 million via available funds under its corporate revolving credit facilities.

Moreover, it has also agreed to invest an additional USD 100 million over a 12-months period, of which USD 90 million will be used for the acquisition of Duqueco hydro project.

Commenting on the development, Innergex, President and CEO, Michel Letellier said, “We are delighted to take roots in Chile through this joint venture with Energía Llaima. We share a strong commitment to further expand the business and to growing our presence in the South American energy market.”

“We remain committed to producing cost efficient, clean and reliable renewable energy in respect of the environment and surrounding communities. This partnership meets all of our strategic goals,” Letellier added.

Further, the Energía Coyanco hydro project and the Pampa Elvira solar project should generate projected Adjusted EBITDA of approximately USD 6.5 million annually.

“Welcoming Innergex as a partner in our company makes all of our growth plans more achievable,” said Ian Nelson, CEO, Energía Llaima.

Nelson further added that “We intend to become a larger player in Chile and throughout South America by developing and acquiring high quality assets. Innergex’s vast experience and expertise will allow us to continue building on our success.”