Irradiant Partners to acquire a minority stake in renewable energy portfolio in Texas from Innergex for $188m.

Irradiant Partners, an alternative investment manager, agreed to acquire a minority stake in renewable energy portfolio in Texas from Innergex, a developer, owner and operator of run-of-river hydroelectric facilities, for $188m. "We are proud to partner with Irradiant to de-risk and enhance our Texas portfolio. We have built large scale and high-quality assets in Texas, and we believe that this new structure, where we depart from the power hedge offtake model, will enable us to improve our overall risk profile and optimize the performance of our assets. The transaction also provides an opportunity to crystallize value from our operating portfolio in Texas," Michel Letellier, Innergex President and Chief Executive Officer.