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Cloudworks Energy acquired by Innergex Renewable Energy in US$187 million transaction

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Cloudworks Energy

On April 4, 2011, Innergex Renewable Energy Inc. (TSX: INE) announced that it had completed the acquisition of Cloudworks Energy Inc., an independent power producer headquartered in Vancouver, British Columbia. Cloudworks' portfolio of assets consists of an interest of 50.01% in six run-of-river hydroelectric facilities having a combined gross installed capacity of 150 MW; full ownership of 76 MW of run-of-river hydroelectric projects under development with 40-year power purchase agreements; and full ownership of run-of-river hydroelectric projects in various stages of development having a potential aggregate installed capacity of over 800 MW. The aggregate consideration for the acquisition of Cloudworks was approximately $187 million, approximately $39 million of which was paid by the issuance, by way of private placement, of common shares of Innergex to the shareholders of Cloudworks and the balance paid in cash (subject to a customary holdback). In addition, the shareholders of Cloudworks are entitled to receive certain conditional deferred payments based on the future performance of the Cloudworks portfolio of assets.Cloudworks was advised in this transaction by Fasken Martineau with a team led by Ron Ezekiel and including Frank Schober (tax), Richard Berrow (insurance), Don Dalik (competition), and Joseph Yang and Stephanie Sanger (corporate/commercial).



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