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History
Innergex was established in July 1990 with a mission to design, build, own and operate hydroelectric power plants in Canada.
In December 2001, with the equity initially put forward by its financial partners, Innergex had built six power plants in Québec including one owned in partnership with the Kruger Pulp and Paper Company (Hydro Bromptonville); one in Ontario wholly owned by IHI Hydro Inc., a subsidiary of TD Capital (Batawa); and had acquired a small power plant in Québec (Montmagny). Furthermore, Innergex had many projects in development in Québec, in Ontario and in British Colombia.
In order to pursue the development of its projects, the management of Innergex succeeded in raising new equity and Innergex II was created on December 20, 2001. Innergex II's mission is to design, build, own and manage hydroelectric power plants and wind farms in North America. At the time of its creation, Innergex II acquired all of the projects that were under development by Innergex.
Innergex Power Income Fund (the "Fund") is a trust created on October 25, 2002 under the laws of the Province of Québec. The Fund, which began its operations on July 4, 2003, has been established to indirectly acquire and own interests in hydroelectric power generating facilities and to indirectly acquire and hold loans relating to some of the Facilities.
At the closing of its Initial Public Offering, the Fund indirectly owned interests in:
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(i)
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Innergex, Société en commandite, which owns the Portneuf Facilities, the Chaudière Facility and the St-Paulin Facility;
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(ii)
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Trent-Severn Power Limited Partnership, which owns the Batawa Facility, and
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(iii)
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Innergex Montmagny, Limited Partnership, which owns the Montmagny Facility.
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On April 27, 2004, the Fund announced the closing of the acquisition of Hydro-Windsor Inc., a 5.5MW hydroelectric power station located on the St-François River in the Province of Québec.
On December 31, 2004, the Fund closed the acquisition of Horseshoe Bend Hydroelectric Company, a 9.5MW hydroelectric power station located on the Payette River in Idaho, USA.
On December 15, 2005, the Fund closed the acquisition of Rutherford Creek Limited Partnership, a 49.9MW hydroelectric power station located near Whistler in British Columbia.
On December 6, 2007, the Fund closed the acquisition of interests in two wind farms: the 38% interest in the 109.5-MW Baie-des-Sables wind farm and the 38% interest in the 100.5-MW Anse-à-Valleau wind farm.
On May 29, 2008, the Fund closed the acquisition of IHI Hydro Inc. and became the sole owner of the Saint-Paulin, Chaudière and Portneuf facilities.
The management team that has made Innergex a success over the years is now grouped under Innergex Renewable Energy Inc. This entity acts as Administrator and Manager for Innergex Power Income Fund under long-term agreements.
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