Innergex Renewable Energy Inc (INE.TO) said on Wednesday it has purchased a small solar project in Ontario for C$11.1 million ($11.6 million), marking its entry into the solar energy industry as well as the green power friendly Canadian province. Innergex, which operates small hydroelectric power plants and wind farms, mostly in the province of Quebec, said it has acquired the rights to develop the 27 megawatt Stardale photovoltaic solar project from Enfinity NV. The project, which is expected to produce enough electricity to power 2,600 homes, is expected to cost C$140 million to develop. Innergex plans to fund it through project financing of about C$103 million with the rest covered by on-hand cash and credit.
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