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Hydroelectric facilities operator Innergex Renewable Energy has acquired Cloudworks Energy, a private Vancouver-based hydro developer, for US$185 million in stocks and cash. Under the terms of the deal, Innergex will pay US$145.7 million in cash and around US$39.3 million in shares of the company.
Analysts expect that the deal will help Innergex expand its hydroelectric power assets in the Canadian province of British Columbia. The Canadian clean energy producer operates run-of-river hydroelectric projects and wind farms mostly in the Canadian province of British Columbia. According to reports, the acquisition will increase Innergex's installed power capacity by 23% to 401 megawatts.
Innergex will raise around C$150 million through a share issue to fund the cash part of the transaction. It will issue 16.1 million subscriptions, which will be converted into shares at C$9.35 per receipt. Cloudworks, founded in 2000, owns a 50.01% stake in six recently commissioned run-of-river hydro projects near Harrison Lake in Southwest British Columbia, with a combined gross install capacity of 150 megawatts.
A recently published report, ‘Renewable Energy in Asia Pacific to 2020 - Increasing Small Hydro and Wind Power to Drive Industry Growth', suggests that over the next few years the global renewable energy market will see increased growth, with wind and small hydro power seeing the biggest gains. China is currently one of the leading countries in the small hydroelectric development market. It contributes over 70% of the world's small hydro capacity, followed by Japan, the US, Brazil and India.
Author: Alex De Angelis, Analyst
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