LONGUEUIL, QC, Feb. 18,
2025 /CNW/ - Innergex Renewable Energy Inc. (TSX:
INE) ("Innergex" or the "Corporation") is pleased to announce
that it has received the final tax equity funding for the Boswell
Springs wind farm in Wyoming,
which achieved full commercial operation on December 31, 2024. The US$338.3 million (CAN$479.2 million) tax equity
investment was used to repay the existing tax equity bridge loan,
and the Corporation has also concluded the successful repayment and
term-conversion of the existing construction loan on the
facility.
These milestones conclude the funding for Boswell Springs,
strengthen Innergex's capital structure and ensure long-term
financial stability for the facility.
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 90
operating facilities with an aggregate net installed capacity of
3,708 MW (gross 4,663 MW), including 42 hydroelectric facilities,
36 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 674 MW (gross 1,017
MW), 1 of which is 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, 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.
