Innergex Sells Minority Stakes in Texas Wind and Solar Farms to Irradiant Partners for $188 Million

Canadian independent power producer Innergex Renewable Energy has agreed to sell minority stakes in a portfolio of 826-MW wind and solar farms in Texas to Los Angeles-based investment manager Irradiant Partners LP. The sale includes 49.9% of the Phoebe solar and Griffin Trail wind farms, and a 22.2% stake in the Foard City wind farm for a total equity consideration of USD 188 million (EUR 175.6m). Part of the proceeds will be used to repay the existing project debt and to remove the power hedge off-take contract at Phobe. The revenue structure for the wind farms will remain unchanged, with Innergex managing operations.