On January 23, 2023, Innergex Renewable Energy Inc. announced its agreement to purchase the 60 MW Sault Ste. Marie solar portfolio in northwestern Ontario from Fengate Asset Management. The acquisition, valued at $50.2 million, also includes the assumption of $169.5 million in existing debt. This marks Innergex's first Canadian acquisition since 2018. The portfolio comprises three facilities, SSM1, SSM2, and SSM3, commissioned between 2010 and 2011, with a 5-year weighted-average availability of 98.5%. Each facility is under long-term Renewable Energy Standard Offer Program power purchase agreements with the Independent Electricity System Operator, averaging nine years in remaining contract life. In 2023, the assets are projected to yield revenues of about $33.1 million, with anticipated expenses amounting to approximately $3.1 million. Historically, over a four-year span, the portfolio's annual operating cash flow averaged $23.0 million, while its Free Cash Flow averaged $7.5 million. Innergex believes the acquisition will offer immediate accretion based on these figures. Funding for the purchase will be sourced from Innergex's existing credit facility. The acquisition is slated for completion in Q1 2023, pending Canadian regulatory approvals and other standard conditions. National Bank Financial Inc. served as Innergex's financial advisor. The acquisition was finalized on March 9, 2023.