Saavy buy for Innergex

Article Excerpt

INNERGEX RENEWABLE ENERGY, $15.99, is a buy. The power generator (Toronto symbol INE; Shares outstanding: 204.1 million; Market cap: $3. billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.5%; www.innergex.com) operates 40 hydroelectric plants, 35 wind farms and eight solar power fields. The company recently completed the acquisition of the remaining 37.75% interest in its 138-megawatt Mountain Air wind portfolio in Idaho. The purchase price was $47.5 million U.S. The Mountain Air wind portfolio is comprised of six 23 megawatt wind farms—Cold Springs, Desert Meadow, Hammett Hill, Mainline, Ryegrass and Two Ponds. Together, they should generate annual revenue of about $29.7 million in 2023. Innergex is a buy. buy…