- Partnership between Innergex (50%), the RCM of Lotbinière
(45%), the Abenaki Council of Odanak (2.5%) and the Abenaki Council of
Wôlinak (2.5%)
- Community and Indigenous partnership valued by Innergex to
support its growth in Canada while
promoting local participation in economic benefits
- Continuous cash flow for 30 years, indexed to inflation
LONGUEUIL, QC, Jan. 26,
2024 /CNW/ - Innergex Renewable Energy Inc. (TSX:
INE) ("Innergex" or the "Corporation"), the Regional County
Municipality of Lotbinière ("RCM of Lotbinière") and the Abenaki
Councils of Odanak and Wôlinak are
pleased to announce that their 100 MW wind project has been
selected in Hydro-Québec's request for proposals.
"The project's selection following the call for tenders reflects
our team's success in developing competitive projects and
collaborating with local players to support Hydro-Québec's
ambitions," said Michel Letellier,
President and Chief Executive Officer of Innergex. "We are proud to
continue our diversification in collaboration with the RCM of
Lotbinière and the Abenaki Councils of Odanak and Wôlinak. Innergex's strength in
forging lasting partnerships with local and Indigenous communities
represents a competitive advantage and has been an essential
component of our success in Canada
since 1990. We are counting on our attributes as a partner of
choice to contribute to the growth of renewable energy in our
target markets, and to implement projects that will benefit the
communities."
"We are delighted that our territory has been given the green
light by Hydro-Québec," says Daniel
Turcotte, Prefect of the RCM of Lotbinière. "The RCM of
Lotbinière will benefit in many ways from the fruits of this
regional project, particularly in terms of completing major
development projects for our region. Social acceptability and the
protection of agricultural land and activities are very important
for our region, which is why, as a community partner alongside the
company Innergex and the Abenaki Councils of Odanak and Wôlinak, we will ensure that the
project, at all stages, is economically, environmentally and
socially acceptable. We remain attentive to the community's
concerns."
"This wind project represents much more than a renewable energy
source for the W8banaki Nation - it symbolizes our commitment to
energy self-sufficiency and sustainable economic development," said
Rick O'Bomsawin, Chief of the
Abenaki Council of Odanak. "Job
creation, the involvement of regional businesses and our
partnership with Innergex reinforce our position as responsible
stewards of the Ndakina, our territory, contributing to an energy
future that respects our heritage and ensures the prosperity of our
future generations."
"The selection of our wind project by Hydro-Québec is a great
success for the W8banaki Nation," said Michel R. Bernard, Chief of the Abenaki Council
of Wôlinak. "Beyond providing clean energy, this project will
create new long-term, quality employment opportunities for the
people of our community. What's more, our collaboration with
Innergex and the RCM of Lotbinière reflects our shared vision of a
sustainable energy future, placing the W8banaki Nation at the heart
of this transition."
Scheduled for commercial operation in late 2028, the power
purchase agreement with Hydro-Québec (S&P credit rating: AA-)
is expected to be structured as a 30-year take-or-pay contract,
indexed to a predefined percentage of the Consumer Price Index
("CPI"). Once commissioned, the project will generate enough
electricity to power the equivalent of 20,000 households.
Construction of the MRC Lotbinière wind project will require the
creation of around 200 jobs and will involve the participation of
local and regional businesses. Long-term, permanent, skilled jobs
will also be created during the operating period.
Interconnection and collector system costs will be reimbursed by
Hydro-Québec when the facility is commissioned.
The project is subject to the execution of contracts with
Hydro-Québec and suppliers, and to the successful completion of
permit application processes and regulatory requirements.
About the RCM of Lotbinière
Located on the south shore of Quebec
City and to the west of Lévis, the RCM of Lotbinière has
seen a strong growth in its territory and population (36,424
inhabitants in 2023) over the past several years. Despite this
development, 98% of the RCM's territory is in provincial
agricultural zones (the second-highest agricultural GDP among all
RCMs in Quebec), making the
territory and agricultural activities a major component of its
identity. Having been involved with the local municipality in the
commissioning of the Mont-Sainte-Marguerite wind farm in
Saint-Sylvestre some ten years
ago, this is not the RCM's first experience. The project covered by
this request for proposals is in line with the RCM's vision of
sustainable development through its various planning documents
adopted over the past two decades. It is also in line with the
RCM's desire to promote the development of a green economy on its
territory.
About Innergex Renewable Energy Inc.
For over 30 years, Innergex has believed in a world where
abundant renewable energy promotes healthier communities and
creates shared prosperity, which led to Innergex being recognized
as Canada's best corporate
citizens in 2023 by Corporate Knights. As an independent renewable
power producer which develops, acquires, owns and operates
hydroelectric facilities, wind farms, solar farms and energy
storage facilities, Innergex is convinced that generating power
from renewable sources will lead the way to a better world.
Innergex conducts operations in Canada, the United
States, France and
Chile and manages a large
portfolio of high-quality assets currently consisting of
interests in 86 operating facilities with an aggregate net
installed capacity of 3,579 MW (gross 4,226 MW) and an energy
storage capacity of 409 MWh, including 40 hydroelectric
facilities, 35 wind facilities, 9 solar facilities and 2 battery
energy storage facilities. Innergex also holds interests
in 12 projects under development with a net installed
capacity of 747 MW (gross 849 MW) and an energy storage
capacity of 355 MWh, 4 of which are under construction, as well as
prospective projects at different stages of development with an
aggregate gross installed capacity totalling 9,939 MW. Its approach
to building shareholder value is to generate sustainable cash
flows, provide an attractive risk-adjusted return on invested
capital and to distribute a stable dividend.
To learn more, visit innergex.com or connect with us
on LinkedIn.
Cautionary Statement Regarding Forward-Looking
Information
To inform readers of the Corporation's future prospects, this
press release contains forward-looking information within the
meaning of applicable securities laws ("Forward-Looking
Information"), including successful development, construction and
financing (including tax equity funding) of the projects under
construction and the advanced-stage prospective projects, sources
and impact of funding, execution of non-recourse project-level
financing (including the timing and amount thereof), and structure
of power purchase agreements, business strategy, and other
statements that are not historical facts. Forward-Looking
Information can generally be identified by the use of words such as
"approximately", "may", "will", "could", "believes", "expects",
"intends", "should", "would", "plans", "potential", "project",
"anticipates", "estimates", "scheduled" or "forecasts", or other
comparable terms that state that certain events will or will not
occur. It represents the projections and expectations of the
Corporation relating to future events or results as of the date of
this press release.
Forward-Looking Information includes future-oriented financial
information or financial outlook within the meaning of securities
laws, including information regarding the estimated project costs
and schedule, including obtainment of permits, start of
construction, work conducted and start of commercial operation for
projects, and other statements that are not historical facts. Such
information is intended to inform readers of the potential
financial impact of expected results, of the expected commissioning
of Development Projects, of the potential financial impact of
completed and future acquisitions and of the Corporation's ability
to sustain current dividends and to fund its growth. Such
information may not be appropriate for other purposes.
Forward-Looking Information is based on certain key assumptions
made by the Corporation, including, without restriction, those
concerning hydrology, wind regimes and solar irradiation;
performance of operating facilities, acquisitions and commissioned
projects; project performance; availability of capital resources
and timely performance by third parties of contractual obligations;
favourable market conditions for share issuance to support growth
financing; favourable economic and financial market conditions; the
Corporation's success in developing and constructing new
facilities; successful renewal of PPAs; sufficient human resources
to deliver service and execute the capital plan; no significant
event occurring outside the ordinary course of business such as a
natural disaster, pandemic or other calamity; continued maintenance
of information technology infrastructure and no material breach of
cybersecurity. Please refer to Section 5 - OUTLOOK | Strategic Plan
2020-2025 regarding the assumptions used with respect to the 2025
growth targets.
For more information on the risks and uncertainties that may
cause actual results or performance to be materially different from
those expressed, implied or presented by the forward-looking
information or on the principal assumptions used to derive this
information, please refer to the "Forward-Looking Information"
section of the Management's Discussion and Analysis for the three
months ended September 30, 2023.
SOURCE Innergex Renewable Energy Inc.