- Selection from Chile's largest
mining company, marking a pivotal moment in Innergex's trajectory
by attracting interest from top-tier offtakers.
- Secured revenues over a 15-year period, backed by our portfolio
of multi-technology renewable projects and assets for a de-risked
approach.
- The contract secures long-term stable revenues for the
portfolio, extending overall contracted and cash flow profile while
providing optionality to build additional capacity.
LONGUEUIL, QC, March 1,
2024 /CNW/ - Innergex Renewable Energy Inc.
(TSX: INE) ("Innergex" or the "Corporation") is pleased to announce
it has been awarded 350 GWh per year in Codelco's latest request
for proposals in Chile,
reaffirming its status as a leading renewable energy provider in
the country. Under the terms of the agreement, Innergex will supply
Codelco (S&P: BBB+) with clean energy produced by its portfolio
of assets and projects under development from 2026 to 2040.
"Securing a large-scale power purchase agreement like this one
underscores Innergex's reputation as a leading provider of
sustainable energy solutions in Chile," said Michel
Letellier, President and Chief Executive Officer of
Innergex. "With the robust and diversified portfolio we have
diligently cultivated over the years, we are now well positioned to
engage with premier offtakers, including the largest copper
producer in the world. As the demand for clean energy continues to
rise, Innergex remains dedicated to delivering innovative solutions
that support sustainable development and contribute to greening the
mining industry."
The long-term nature of the power purchase agreement further
enhances the quality and resilience of Innergex's cash flows. By
securing revenues for the equivalent of 135 MW of wind and
solar capacity in Chile, this
agreement directly contributes to the targeted growth of
Innergex.
With 705 MW of installed capacity in Chile, including 50 MW of complementary
battery storage, and approximately 620 MW of projects at different
stages of development, Innergex develops, owns and operates one of
the largest pure play renewable energy portfolios in the country.
Its fully diversified portfolio of hydro, wind, solar and battery
storage assets, strategically distributed across the country,
provides reliable 100% clean energy solutions to support a growing
supply demand for 24/7 renewable energy production.
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 citizen
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 87
operating facilities with an aggregate net installed capacity of
3,600 MW (gross 4,234 MW) and an energy storage capacity of 409
MWh, including 41 hydroelectric facilities, 35 wind
facilities, 9 solar facilities and 2 battery energy storage
facilities. Innergex also holds interests in 10 projects under
development with a net installed capacity of 728 MW (gross 826 MW)
and an energy storage capacity of 295 MWh, 4 of which are under
construction, as well as prospective projects at different stages
of development with an aggregate gross installed capacity totaling
10,071 MW. Its approach to building shareholder value is to
generate sustainable cash flows and provide an attractive
risk-adjusted return on invested capital.
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 the Corporation's growth targets, power
production, prospective projects, successful development,
construction and financing of the projects under construction and
the advanced-stage prospective projects, sources and impact of
funding, and strategic, operational and financial benefits and
accretion expected to result from such acquisitions, business
strategy, future development and growth prospects business
integration, governance, business outlook, objectives, plans and
strategic priorities, 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 Corporation's targeted
production, the estimated targeted revenues, the estimated project
size, costs and schedule, including obtainment of permits, start of
construction, work conducted and start of commercial operation for
Development Projects and Prospective Projects, the Corporation's
intent to submit projects under Requests for Proposals, 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. 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; availability of capital resources and timely performance
by third parties of contractual obligations; favourable economic
and financial market conditions; average merchant spot prices
consistent with external price curves and internal forecasts; no
material changes in the assumed U.S. dollar to Canadian dollar
exchange rate; no significant variability in interest rates; the
Corporation's success in developing and constructing new facilities
and completing fulfilment, in due time, of equipment supply; no
adverse political and regulatory intervention; 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.
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 year
ended December 31, 2023.
SOURCE Innergex Renewable Energy Inc.