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INNERGEX Renewable Energy . Sustainable Development . News Release For Immediate Distribution Hydro Québec • • . • INNERGEX AND HYDRO - QUÉBEC ANNOUNCE THE FIRST JOINT ACQUISITION UNDER THEIR STRATEGIC ALLIANCE AND CONCURRENT BOUGHT DEAL EQUITY FINANCING AND PRIVATE PLACEMENT BY INNERGEX Acquisition of the 60 MW Curtis Palmer run - of - river hydroelectric portfolio in the state of New York Leverages the Strategic Alliance between Innergex and Hydro - Québec via a joint 50-50 acquisition Expands Innergex's U.S. presence with entry in the attractive New York renewables market PPA with Niagara Mohawk Power Corporation ( A3 / BBB + ) expected to contribute US $ 19.7 million ( $ 24.6 million ) of average annual Free Cash Flow¹ to Innergex without any debt financing Innergex expects double - digit annual Free Cash Flow per Share¹ accretion and greater than 10 % reduction in Payout Ratio¹ in the first full year of ownership Innergex to benefit from a $ 175.0 million bought deal common equity financing and $ 43.5 million concurrent private placement with Hydro - Québec THIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES All amounts are in Canadian dollars , unless otherwise indicated and are for continuing operations unless otherwise indicated . LONGUEUIL , Québec , August 17 , 2021 - Innergex Renewable Energy Inc. ( TSX : INE ) ( " Innergex " or the " Corporation " ) and HQI US Holding LLC , a subsidiary of Hydro - Québec ( " Hydro - Québec " ) have entered into a Membership Interest Purchase Agreement with Atlantic Power to acquire Curtis Palmer , a 60 MW run - of - river hydroelectric portfolio located in Corinth , New York , consisting of the 12 MW Curtis Mills and 48 MW Palmer Falls facilities ( " Curtis Palmer " or the " Facilities ” ) for upfront cash consideration of US $ 310.0 million ( $ 387.5 million ) and an earn - out provision subject to the evolution of NYISO market pricing . This joint acquisition is the first under the Strategic Alliance formed by Innergex and Hydro - Québec in 2020. Upon closing , Innergex will own indirectly a 50 % interest in the Facilities with Hydro - Québec indirectly owning the remaining 50 % interest . Innergex is also announcing a $ 175.0 million bought deal equity financing of common shares and $ 43.5 million concurrent private placement of common shares to Hydro - Québec . " We are thrilled to announce this first joint acquisition with Hydro - Québec under the Strategic Alliance . The acquisition of Curtis Palmer represents an opportunity for Innergex to apply its 30 years of expertise in managing small run - of - river hydroelectric facilities , while leveraging Hydro - Québec's 1 Free Cash Flow , Free Cash Flow per Share and Payout Ratio are non - IFRS measures . See " Cautionary Statement Regarding Non - IFRS Measures " .