11:45 AM EDT, 06/20/2024 (MT Newswires) -- Innergex Renewable Energy ( INGXF ) said Thursday it agreed to sell minority interests in its 826-megawatt renewable energy portfolio in Texas to Irradiant Partners LP, an investment manager headquartered in Los Angeles, for US$188 million.

Innergex is selling Irradiant 49.9% of the Phoebe and Griffin Trail facilities and 22.2% of the Foard City facility .

The company plans to use the proceeds mainly to repay the existing Foard City and Phoebe project debt and the power hedge offtake contract in place at Phoebe. The remaining proceeds are expected to be used for general corporate purposes.

Innergex will continue managing the operations.

The company's shares were last seen down $0.14 to $10.45 on the Toronto Stock Exchange.

Price: 10.45, Change: -0.14, Percent Change: -1.32