The company has snapped up common units of the facility for $28.6m in cash, besides assuming project-level debt totaling $55.4m that includes monthly payments of about $406,000 until 2017, and $379,000 thereafter until 2031.

Magpie, located on Crown lands in the Minganie Regional County Municipality, began commercial operations in 2007 with power output from the plant being sold to Hydro-Québec under a 25-year power purchase agreement.

The project has an average annual production of 185kMWh, which is enough to power almost 11,000 Quebec households each year.

Innergex president and CEO Michel Letellier said the acquisition strengthens the company’s presence in hydro industry, alongside diversifying its hydro operations.

"We look forward to developing our relationship with a new partner, the Minganie Regional County Municipality," added Letellier.

The addition of Magpie increases the company’s total installed capacity by 7% to 617 MW and its consolidated long-term average annual production by almost 8% to 2,592MWh.

In addition, the project is estimated to generate annual revenues of $10.6m in 2013.