- Addition of the 13 MW La Cense wind project under
development, with Innergex France set to manage development,
construction, financing, and long-term operations, targeting
commissioning in 2026.
- 20-year power purchase agreement with EDF to guarantee
long-term, stable revenues.
- Operational synergies with Innergex's nearby Bois des
Cholletz operating wind farm and other potential future
developments in the area.
LONGUEUIL, QC, Jan. 28,
2025 /CNW/ - Innergex Renewable Energy Inc. (TSX:
INE) ("Innergex" or the "Corporation") is pleased to announce
the addition of the 13 MW La Cense wind project to its development
portfolio, through Innergex France, its joint subsidiary with
Crédit Agricole Assurances and Crédit Agricole Centre-Est. Located
in the Oise department in France,
this initiative marks Innergex France's first development
acquisition since the minority sale of its shares to Crédit
Agricole Assurances and Crédit Agricole Centre-Est. The project is
under development, and the Innergex team is advancing it towards
construction in the near future, with a goal of achieving
commercial operations in 2026.
"This development acquisition is a significant step forward
in our strategic partnership and reinforces our commitment to
advancing renewable energy in France," said Michel
Letellier, President and Chief Executive Officer of
Innergex. "This investment meets our performance objectives, and
the La Cense wind project complements well our existing portfolio
in France. Its proximity to our
Bois des Cholletz wind farm and other potential future developments
in the area creates synergies that boost operational efficiency and
integrate seamlessly into our growing portfolio."
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
3,707 MW (gross 4,662 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 of the projects under construction and
the advanced-stage prospective projects, 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, 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 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, 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.
