View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
March 26, 2019updated 30 Jul 2020 8:40pm

Innergex to divest Magma Energy Sweden for $304.8m

Innergex Renewable Energy has reached an agreement to divest its subsidiary Magma Energy Sweden to a managed European infrastructure fund for $304.8m.

Innergex Renewable Energy has reached an agreement to divest its subsidiary Magma Energy Sweden to a managed European infrastructure fund for $304.8m. Magma Energy Sweden owns an equity interest of around 53.9% in HS Orka

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

Innergex CEO and president Michel Letellier said: “This transaction is highly strategic and will create significant value for Innergex as it allows us to focus on our core markets, reimburse our one-year credit facility, deleverage our corporate credit facilities and reduce our exposure to foreign exchange.

“Given Innergex’s non-operatorship role in HS Orka, we viewed the sale of this non-core asset to be consistent with our long-term strategy of developing, owning and operating high-quality renewable energy assets in our core markets and competencies.”

“This transaction is highly strategic and will create significant value for Innergex as it allows us to focus on our core markets”

HS Orka owns Reykjanes and Svartsengi geothermal facilities, which have a combined capacity of 174MW; the 10MW Brúarvirkjun hydro project, which is currently under construction; and a 30% equity interest in the Blue Lagoon Geothermal Spa and Resort in Iceland.

The company plans to use part of the proceeds from the divestment to reimburse the C$228m one-year credit facility contracted last October.

This credit facility was taken during the time of the acquisition of the remaining stake in the Cartier wind farms and operating entities.

The firm will also use the proceeds to deleverage corporate facilities and for general corporate purposes.

The deal is subject to third party consents and other closing conditions. It is expected to be completed after the conditions are met in the second quarter of 2019.

Related Companies

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology