Key Developments: Innergex Renewable Energy Inc (INGXF.PK)
9.83USD
21 May 2013
$-0.04 (-0.43%)
$9.87
$9.66
$9.85
$9.63
18,100
4,631
$11.35
$9.29
Latest Key Developments (Source: Significant Developments)
Innergex Renewable Energy Inc Declares Common Dividend and Preferred Dividends
Innergex Renewable Energy Inc announced that the Corporation declared a dividend of $0.3125 per Series A Preferred Share payable on July 15, 2013, to Series A preferred shareholders of record at the close of business on June 28, 2013. The Corporation also declared a dividend of $0.359375 per Series C Preferred Share payable on July 15, 2013, to Series C preferred shareholders of record at the close of business on June 28, 2013. Dividends to common shareholders On May 14, 2013, the Corporation declared a dividend of $0.1450 per common share payable on July 15, 2013, to common shareholders of record at the close of business on June 28, 2013. Full Article
Innergex Renewable Energy Inc Declares Common Dividends And Preferred Dividend
Innergex Renewable Energy Inc announced that on March 14, 2013, the Corporation declared a dividend of $0.3125 per Series A Preferred Share payable on April 15, 2013, to Series A preferred shareholders of record at the close of business on March 28, 2013. On March 14, 2013, the Corporation declared a dividend of $0.4923 per Series C Preferred Share payable on April 15, 2013, to Series C preferred shareholders of record at the close of business on March 28, 2013. This initial dividend reflects the dividend accruing since the closing date of the Series C Preferred Share offering of December 11, 2012. On March 14, 2013, the Corporation declared a dividend of $0.1450 per common share payable on April 15, 2013, to common shareholders of record at the close of business on March 28, 2013. Full Article
Innergex Renewable Energy Inc Arranges $50 Million Bought Deal Offering-Canada Stockwatch News
Canada Stockwatch News reported that Innergex Renewable Energy Inc. has entered into an agreement to issue, on a bought-deal basis, to a syndicate of underwriters co-led by TD Securities Inc., National Bank Financial Inc. and BMO Capital Markets for distribution to the public two million cumulative, redeemable, fixed-rate preferred shares, Series C. The Series C shares will be issued at a price of $25 per Series C share, for total gross proceeds of $50-million. The underwriters will have an option to purchase up to an additional 300,000 Series C shares from Innergex at a price of $25 per Series C share, exercisable in whole or in part at any time for a period of up to 30 days following closing of the offering, which, if exercised in full, would increase the gross offering size to $57.5-million. These funds will be used to repay a portion of the corporation's revolving term credit facility and for general corporate purposes. The offering of Series C shares is expected to close on December 11, 2012, subject to regulatory approvals and other customary closing conditions. Full Article
Innergex Renewable Energy Inc Declares Common Dividends And Preferred Dividend
Innergex Renewable Energy Inc announced that it has declared a dividend of $0.3125 per Series A Preferred Share payable on January 15, 2013, to Series A preferred shareholders of record at the close of business on December 31, 2012. The Company also declared a dividend of $0.1450 per common share payable on January 15, 2013, to common shareholders of record at the close of business on December 31, 2012. Full Article
Innergex Renewable Energy Inc Terminates Agreement With Finavera Wind Energy To Acquire Wildmare Wind Project In BC
Innergex Renewable Energy Inc announced that it has terminated its agreement with Finavera Wind Energy to acquire its 77 MW Wildmare wind energy project located in British Columbia, Canada. Despite the efforts of both parties, several conditions of closing were not met by the prescribed closing date of September 30, 2012. The Corporation considers each of these conditions to be essential to the successful completion of the project. After careful consideration, the Corporation has decided not to extend the closing date because it strongly believes that doing so would not change the outcome within an acceptable period of time. Therefore, it has opted to terminate the purchase and sale agreement. Full Article
Innergex Renewable Energy Inc. Declares Common Dividend And Preferences Dividend
zInnergex Renewable Energy Inc. announced that it has declared a dividend of $0.1450 per common share payable on October 15, 2012, to common shareholders of record at the close of business on September 28, 2012. The Company also declared a dividend of $0.3125 per Series A Preferred Share payable on October 15, 2012, to Series A preferred shareholders of record at the close of business on September 28, 2012. Full Article
Innergex Renewable Energy Inc. Acquires 40.6 MW Hydro Facility In Quebec; Closes $123.7 Million private placement Of common shares
Innergex Renewable Energy Inc. announced it has signed a purchase and sale agreement to acquire from the Hydromega Group of Companies (Hydromega) its 70% interest in the Magpie hydroelectric facility located in the Minganie RCM, in Northeastern Quebec, Canada. The Corporation has also signed a letter of intent with Hydromega with respect to the acquisition of its ownership interest in six other sites, including one 30.5 MW hydroelectric facility in Quebec, four hydroelectric projects under construction totaling 22.0 MW in Ontario, and one 10.0 MW hydroelectric project under development, also in Ontario. Concurrent with this acquisition, the Corporation has closed a private placement with the Caisse de dépôt et placement du Québec and one other institutional investor, to issue a total of 12,040,499 common shares at a price of $10.27 per share, for gross proceeds of $123.7 million. These funds will be used to finance the acquisition of the Magpie facility, as well as other acquisitions announced recently by the Corporation. The Corporation expects the acquisition of Magpie to close by September 30, 2012, subject to regulatory approvals and other customary closing conditions. Full Article
Innergex Renewable Energy Inc. Acquires 77 MW Wind Project In British Columbia From Finavera Wind Energy
Innergex Renewable Energy Inc. announced that it has entered into a definitive agreement with Finavera Wind Energy to acquire its Wildmare wind energy project located in British Columbia, Canada. The purchase price of this asset will be approximately $22.0 million, subject to adjustments based on the realization of certain events and milestones. Other than an initial advance of $1.0 million, there will be no disbursement prior to closing, and payments will be spread over several months. Innergex expects the transaction to close by the fall of 2012. Full Article
Innergex Renewable Energy Inc. And Mi'gmawei Mawiomi Announce Partnership Agreement For Development Of Wind Farm On Gaspé Peninsula
Innergex Renewable Energy Inc. and the Mi'gmawei Mawiomi (the Mi'gmaq of Quebec) announced that they have concluded a partnership agreement for the development, financing, construction, and operation of a wind farm on the Gaspé Peninsula of Quebec, in Canada. The two partners believe that this project corresponds perfectly to the Aboriginal wind energy program announced earlier by Prime Minister Jean Charest, which aims to include Aboriginal communities in the development and economic benefits of Quebec's wind energy sector. This program was announced as part of a wind energy program and request for proposals totalling 700 MW, which had been expected for some time from the Quebec government. Full Article
Innergex Renewable Energy Inc. Acquires Two Operating Hydro Facilities In British Columbia From Capital Power Corp
Innergex Renewable Energy Inc. announced it has signed a purchase and sale agreement to acquire from Capital Power Corp. All of the units of the entity owning the Brown Lake and Miller Creek hydroelectric facilities located in British Columbia, Canada. The purchase price of these assets is approximately $69.2 million. The acquisition of the Miller Creek facility is conditional upon a 30-day right of refusal in favour of BC Hydro. There is no assumption of any project level debt on these assets. Innergex expects the transaction to close in July 2012. Brown Lake is a 7.2 MW facility commissioned in 1996 and located on Crown land near Prince Rupert in the North Coast region of the province. All of the electricity it produces is sold to BC Hydro under a 20-year power purchase agreement that expires in 2016. The contract price is subject to a 3% escalator each year. Miller Creek is a 33 MW facility commissioned in 2003 and located on Crown land near Pemberton, in the Lower Mainland region of the province. All of the electricity it produces is sold to BC Hydro under a 20-year power purchase agreement that expires in 2023, with BC Hydro holding two consecutive five-year renewal options. To finance the purchase price and associated transaction costs of this acquisition, Innergex intends to access capital markets to raise new capital, in addition to using its cash on hand and drawdowns on its revolving term credit facility. Full Article
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