Innergex Renewable Energy, in partnership with the Cayoose Creek Indian Band, has recently completed the announced acquisition of the Walden North hydroelectric facility located in the province of British Columbia, Canada.
Innergex and Cayoose Creek Development Corporation, the economic arm of the Cayoose Creek Indian Band, have formed the Cayoose Creek Limited Partnership. The partnership has acquired the assets that make up the facility from FortisBC.
The transaction has been closed at a final total purchase price of US$9.2 million.
The Walden North Hydroelectric project is a 16 MW facility located on private land in Cayoosh Creek near Lillooet, in British Columbia, and is close proximity to several of the Innergex's other hydroelectric facilities.
The project consists of a run-of-river hydro plant diverting flow from the Cayoosh Creek through a 250 meters power tunnel and 100 meters penstock, to five Litostroj horizontal Francis turbines.
The facility was commissioned and has been in operation since 1993, and all the electricity it produces is sold to BC Hydro.
The Walden facility is expected to generate annual revenues of approximately US$2.2 million in 2016, and adjusted EBITDA of US$1.1 million.
Currently Innergex Renewable Energy portfolio of assets consists of interests in 35 operating facilities with an aggregate net installed capacity of 716 MW (gross 1,232 MW), including 28 hydroelectric operating facilities.