Innergex Renewable Energy has completed the acquisition of Cloudworks Energy, a Canada-based independent power producer.

Cloudworks’ portfolio of assets consists of a 50.01% interest in six run-of-river hydropower facilities with a total capacity of 150MW; full ownership of 76MW of hydroelectric projects under development with 40-year power purchase agreements; and full ownership of hydropower projects in various stages of development having a potential aggregate capacity of over 800MW.

Further to the applicable closing adjustments, the aggregate consideration for the acquisition of Cloudworks was about $187m.

Innergex is a developer, owner and operator of run-of-river hydroelectric facilities and wind
energy projects in North America, and a developer of solar PV installations.