Innergex makes a purchase

Article Excerpt

INNERGEX RENEWABLE ENERGY, $20.31, is a buy. The power generator (Toronto symbol INE; Shares outstanding: 179.8 million; Market cap: $3.6 billion; TSINetwork Rating: Extra Risk; Dividend yield: 3.6%; www.innergex.com) formed an alliance with Hydro-Quebec in February 2020 to expand their renewable energy businesses. Hydro-Quebec also bought $661 million of Innergex stock for a 19.9% stake in the company. Now, the partners have entered into their first joint acquisition. They are buying Curtis Palmer from Atlantic Power. Curtis Palmer is a 60 megawatt run-of-river hydroelectric portfolio located in Corinth, New York. It consists of the 12 megawatt Curtis Mills and 48 megawatt Palmer Falls facilities. The purchase price is $387.5 million. The support of Hydro-Quebec will help Innergex expand more quickly, and it also gives it a strong financial partner. Meanwhile, Innergex shares give you a solid 3.6% yield. Innergex is a buy. buy…