LEXPERT MAGAZINE
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SEPTEMBER
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OCTOBER 2018 19
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CORPORATE TRANSACTIONS OF IMPORTANCE
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securities), Neil Oberfeld, Nicholas Dyer
and Christina George (real estate), and Bob
Simon and Jennifer Weiss (tax).
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INNERGEX RENEWABLE
ENERGY ACQUIRES ALTERRA
POWER CORP. FOR $1.1B
CLOSING DATE: FEBRUARY 6, 2018
On February 6, 2018, Innergex Renewable
Energy Inc. (Innergex) completed the ac-
quisition of Alterra Power Corp. (Alterra)
by way of an arrangement agreement pur-
suant to which Innergex acquired all of the
issued and outstanding common shares of
Alterra for an aggregate consideration of
$1.1 billion, including the assumption of
Alterra's debt. Alterra's shares were delisted
from the TSX on February 7, and Alterra
has ceased to be a reporting issuer under ap-
plicable Canadian securities laws.
Concurrent with the closing, Innergex
has successfully completed the financing
of the cash portion of the acquisition with
a $150-million subordinated unsecured
5-year term loan from Caisse de dépôt et
placement du Québec. Innergex's revolv-
ing credit facilities have also been increased
from $225 million to $700 million.
With the acquisition, Innergex is now
the largest independent renewable energy
producer in British Columbia and among
the largest in Canada.
e acquisition will also enable Innergex
to leverage Alterra's US development ex-
pertise and expand its presence in the US
market, among others. e deal also brings
Innergex an extensive pipeline of prospec-
tive projects in preliminary stages or in
progress, with an estimated net capacity of
more than 5,000 MW.
Innergex was represented by an in-house
team led by Nathalie éberge, Vice-Presi-
dent — Corporate Legal Affairs and Sec-
retary, and was supported by McCarthy
Tétrault LLP with a team led by Philippe
Fortier and Hadrien Montagne that in-
cluded Marc Dorion, Patrick Boucher,
Sven Milelli, Morgan Troke, Xin Gao and
omas Etienne (corporate), Ryley Men-
nie (labour and employment), Cameron
Whyte and Parisa Gerami (real property
and planning), Angelo Discepola (tax),
François Dupuis (litigation) and Selina
Lee-Andersen (environmental). McCar-
thy Tétrault LLP, with a team led by
Richard O'Doherty, also advised Inn-
ergex on the financing of the acquisition.
Alterra was represented by an in-house
team led by Shannon Webber, General
Counsel of Alterra, and was supported
by Borden Ladner Gervais LLP with a
team led by Fred Pletcher that included
Kent Kufeldt, Tom Ladner and Lauren
DeGoey (securities and capital markets),
Randy Morphy and Danielle Lewchuk
(tax), Steve Warnett and Gordon Johnson
(litigation), and Subrata Bhattacharjee
and Denes Rothschild (competition).
Troutman Sanders LLP served as
US counsel to Alterra, with a team led
by partners Tom Rose and Shona Smith
(corporate) that included Cliff Sikora and
Dan Larcamp (FERC), Mitch Portnoy
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