- Three wind projects co-developed with Indigenous partners
representing a combined gross capacity of 560 MW
- Solidifies Innergex's position as the leading independent power
producer in British Columbia
- These projects underscore Innergex's commitment to advancing
renewable energy growth in British
Columbia, while supporting local and Indigenous
communities
- Innergex acknowledges and values the trust its Indigenous
partners have placed in the Corporation by selecting it as their
partner
- Continuous cash flow for 30 years, indexed to inflation
LONGUEUIL, QC, Dec. 9, 2024
/CNW/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or
the "Corporation") is proud to announce that three of its wind
projects, co-developed with Indigenous partners, have been selected
in BC Hydro's most recent Request for Proposals (RFP) for new
renewable energy generation. Representing a combined gross capacity
of 560 MW, this achievement highlights Innergex's leadership in
Canada and in British
Columbia, and its expertise in developing renewable energy
projects in partnership with Indigenous communities that bring
significant economic and environmental benefits to local
communities.
"We are proud that all three of our projects selected in BC
Hydro's RFP are built on strong partnerships with Indigenous
communities, and we are looking forward to collaborating closely
with BC Hydro and our partners to bring these projects to
fruition," said Michel Letellier,
President and Chief Executive Officer of Innergex. "Together with
our partners, we aim to create projects that not only generate
clean energy, but also provide lasting and meaningful benefits to
Indigenous communities. This milestone underscores the strength of
our development portfolio, our commitment to delivering competitive
renewable energy projects, and our dedication to advancing
British Columbia's energy
transition. Expanding our Canadian wind portfolio through these
projects adds incremental diversification benefits and
demonstrates our commitment to disciplined growth and creating
value for all stakeholders.''
The Selected Projects:
- K2 Wind Project: The 160 MW K2 Wind Project is situated
in the Central Interior of B.C., 33 km west of Peachland/Westbank. This project is a collaboration
between Westbank First Nation (51% equity) and Innergex (49%).
- Nithi Mountain Wind Project: Located in the
Bulkley-Nechako region of Northern B.C., the 200 MW Nithi Mountain
Wind Project is developed in partnership with Stellat'en First
Nation (51% equity) and Innergex (49%).
- Stewart Creek Wind Project: In partnership with the West
Moberly First Nations (51% equity), this 200 MW wind energy project
in the Peace Region of Northeastern B.C. is co-developed with
Innergex (49%).
Scheduled for commercial operations between 2030-2031, the power
purchase agreements with BC Hydro (S&P credit rating: AA-) are
expected to be structured as a 30-year take-or-pay contract,
indexed to a predefined percentage of the Consumer Price Index
("CPI").
The projects are subject to the execution of contracts with BC
Hydro and suppliers, and to the successful completion of permit
application processes and regulatory requirements.
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. 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 89
operating facilities with an aggregate net installed capacity of
3,377 MW (gross 4,332 MW), including 42 hydroelectric facilities,
35 wind facilities, 9 solar facilities and 3 battery energy storage
facilities. Innergex also holds interests in 14 projects under
development with a net installed capacity of 991 MW (gross 1,334
MW), 2 of which are under construction, as well as prospective
projects at different stages of development with an aggregate gross
installed capacity totaling 9,807 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 (including tax equity funding) of the
projects under construction and the advanced-stage prospective
projects, sources and impact of funding, project acquisitions,
execution of non-recourse project-level financing (including the
timing and amount thereof), and strategic, operational and
financial benefits and accretion expected to result from such
acquisitions, business strategy, future development and growth
prospects (including expected growth opportunities under the
Strategic Alliance with BC Hydro), 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 and production tax
credits, targeted Revenues and Production Tax Credits
Proportionate, targeted Adjusted EBITDA and targeted Adjusted
EBITDA Proportionate, targeted Free Cash Flow, targeted Free Cash
Flow per Share and intention to pay dividend quarterly, 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, the qualification of U.S. projects for PTCs
and ITCs 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 pay a dividend 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 irradiance;
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 and
Euro to Canadian dollar exchange rate; no significant variability
in interest rates; the Corporation's success in developing and
constructing new facilities; 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 three
months ended September 30, 2024.
SOURCE Innergex Renewable Energy Inc.
