- Signature of a 30-year power purchase agreement with BC Hydro
for the electricity to be generated by the Nithi Mountain wind
project (200 MW).
- Partnership between Stellat'en First Nation (51%) and
Innergex (49%) to bring more clean energy to the region.
- Will bring significant opportunities for economic growth and
social development to the region, supporting Stellat'en First
Nation's vision for a sustainable and prosperous future.
- Continuous and steady cash flow for 30 years, indexed to
inflation.
LONGUEUIL, QC, Dec. 27,
2024 /CNW/ - Stellat'en First Nation and Innergex
Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation")
are pleased to announce the signing of a 30-year electricity
purchase agreement (EPA) with BC Hydro for the electricity to be
generated by the Nithi Mountain wind project (200 MW). This
milestone marks a significant step forward in advancing sustainable
energy solutions while fostering collaboration and creating
long-term social and economic benefits for the Bulkley-Nechako
region in British Columbia.
"We have been governing our territory in accordance with the
Yinka Dene legal tradition for a millennium," said Stellat'en Chief
Robert Michell. "The Nithi Mountain
Wind Project is anchored by the Yinka Dene's core values and
beliefs. Collaborations like this showcase to the world how the
Yinka Dene can participate competitively and meaningfully. At the
same time, strengthening our cultural values and environmental
stewardship objectives while boosting the province's GDP."
"We thank Stellat'en First Nation for their trust and
collaboration on the Nithi Mountain Wind Project," said
Michel Letellier, President and
Chief Executive Officer of Innergex. "Partnering with the
Stellat'en First Nation, we are proud to advance a project that
delivers lasting economic and environmental benefits to the region
and honouring the land and values of the Yinka Dene people. This
milestone reflects the strength of our development portfolio, and
our shared commitment to advancing British Columbia's energy transition.
Expanding our Canadian wind portfolio through projects like Nithi
Mountain demonstrates our focus on disciplined growth, fostering
regional sustainability, and creating value for all
stakeholders."
A Project Rooted in Collaboration and Engagement
The Nithi Mountain wind project is being developed in close
collaboration with First Nations in the area. Guided by
collaborative land-use planning, the project integrates cultural
preservation, environmental stewardship, and economic empowerment
for Indigenous communities in the Bulkley-Nechako region.
The project is expected to create approximately 150 job
opportunities during development, construction, and operation
phases, supporting local economic growth and workforce
development.
Transparent and inclusive consultation is central to the
project, with engagement initiatives such as public open houses,
media outreach, project-specific communications, and job fairs to
commence in the near future. These efforts aim to foster open
dialogue, build lasting relationships with surrounding Nations,
municipalities, and stakeholders, and ensure that local communities
are involved at every stage.
Environmental and Community Benefits
The Nithi Mountain Wind Project will deliver numerous
environmental and community benefits, including:
- Powering 60,000 Homes: With an estimated annual
generation of 600 GWh, the wind farm will provide enough renewable
electricity to power approximately 60,000 households, helping to
meet BC Hydro's goals of reducing greenhouse gas emissions and
advancing clean electrification.
- Support for Local Air and Water Quality: The Nithi
Mountain wind project will provide clean energy to the region,
improving air and water quality while enhancing the local
infrastructure to support the electrification of industrial
operations, reducing emissions in the long term.
- Commitment to Sustainability and Environmental
Protection: The project minimizes environmental
impact by avoiding sensitive cultural and ecological resources. It
integrates sustainability at every stage, with remediation
practices to restore the land, preserve cultural values, and
enhance biodiversity and wildlife habitats if decommissioned.
The project is scheduled for commercial operations in 2030. The
long-term electricity purchase agreement with BC Hydro (S&P
credit rating: AA-) is structured as a 30-year take-or-pay
contract, indexed to a predefined percentage of the Consumer Price
Index ("CPI") ensuring financial stability and protection against
inflation.
The project is subject to the execution of contracts with
suppliers, and to the successful completion of permit application
processes and regulatory requirements.
About Stellat'en First Nation
Stellat'en First Nation,
located on the glacial basin between Fraser Lake and Vanderhoof, has a long history of forward
thinking and human-centered decision making. The Nation is
committed to supporting their entrepreneurs, labourers, working
professionals, and students to strengthen their members' financial
independence and business acumen. Stellat'en brings to the
Partnership advanced business and economic development teams with
extensive experience in a range of resource development and land
management issues; they are a Nation willing to engage with both
private and government entities and maintain strong working
relationships with surrounding Nations.
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 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, execution of non-recourse project-level financing
(including the timing and amount thereof), , structure of power
purchase agreement, 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 Corporation's targeted
production, the estimated targeted revenues and production tax
credits, targeted Revenues and Production Tax Credits
Proportionate, project size, costs and schedule, including
obtainment of permits, start of construction, work conducted and
start of commercial operation for the qualification of Canadians
projects for 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 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 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.