LONGUEUIL, QC, Aug. 25, 2017 /CNW/ - Innergex Renewable Energy
Inc. (TSX: INE) ("Innergex") today completed the previously
announced acquisition of two wind projects located in
Champagne-Ardenne, France with a
total aggregate installed capacity of 43 MW from Baywa r.e. The two
projects are mechanically completed and should be commissioned in
the third and fourth quarter of 2017. Innergex owns a 69.55%
interest in the wind farms and Desjardins Group Pension Plan owns
the remaining 30.45%.
About Desjardins Group Pension Plan
The
mission of the Desjardins Group Pension Plan, acting through its
Retirement Committee, is to provide a defined benefit pension plan
to more than 60,000 beneficiaries. With $11.4 billion in net assets under management, it
is the 7th largest private pension plan in Canada. As at the end of December 2016, the equity value of Desjardins
Group Pension Plan's infrastructure portfolio was close to
$1.5 billion. About half of its
investments are in the renewable energy infrastructure sector with
interests in 43 operating facilities and an aggregate installed
capacity of 2,345 MW, including 9 hydroelectric facilities, 25 wind
farms and 9 solar farms.
About Innergex Renewable Energy Inc.
The
Corporation develops, owns and operates run-of-river hydroelectric
facilities, wind farms and solar photovoltaic farms and carries out
its operations in Quebec,
Ontario and British Columbia, Canada, France and Idaho,
USA. Its portfolio of assets currently consists of: (i)
interests in 51 operating facilities with an aggregate net
installed capacity of 1,063 MW (gross 1,758 MW), including 31
hydroelectric facilities, 19 wind farms and one solar farm; (ii)
interests in three projects under construction with a net installed
capacity of 61 MW (gross 88 MW), for which power purchase
agreements have been secured; and (iii) prospective projects with
an aggregate net capacity totalling 3,560 MW (gross 3,940 MW).
Innergex Renewable Energy Inc. is rated BBB- by S&P.
The Corporation's strategy for building shareholder value is to
develop or acquire high-quality facilities that generate
sustainable cash flows and provide an attractive risk-adjusted
return on invested capital and to distribute a stable dividend.
Forward-Looking Information Disclaimer
In order
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").
Forward-Looking Information can generally be identified by the use
of words such as "projected", "potential", "expect", "will",
"should", "estimate", "forecasts", "intends", or other comparable
terminology that states that certain events will or will not occur.
It represents the estimates and expectations of the Corporation
relating to future results and developments as of the date of this
press release. Such information may not be appropriate for other
purposes.
Forward-Looking Information in this press release is based on
certain key expectations and assumptions made by the Corporation.
The following table outlines Forward-Looking Information contained
in this press release, the principal assumptions used to derive
this information and the principal risks and uncertainties that
could cause actual results to differ materially from this
information.
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Estimated project
start of commercial operation for Plan Fleury and Les
Renardières
The Corporation
provides indications regarding scheduling and construction progress
for Plan Fleury and Les Renardières, based on its extensive
experience as a developer.
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Performance of
counterparties, such as the engineering, procurement and
construction contractors
Delays and cost
overruns in the design and construction of projects
Relationships with
stakeholders
Regulatory and
political risks
Natural
disaster
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Material risks and uncertainties
The material risks and uncertainties that may cause actual
results and developments to be materially different from current
expressed Forward-Looking Information are referred to in the
Corporation's Annual Information Form in the "Risk Factors" section
and include, without limitation: failure to complete the
transactions; the ability of the Corporation to implement its
strategy; its ability to access sufficient capital resources;
liquidity risks related to derivative financial instruments; the
exchange rate fluctuations; the growth and development of foreign
markets; changes in hydrology, wind regimes and solar irradiation;
delays and cost overruns in the design and construction of
projects; the ability to develop new facilities; variability of
facilities performance and related penalties; failure to perform
from main counterparties; potential undisclosed liabilities
associated with the acquisition; the ability to integrate the
acquired facilities; and failure to realize the benefits of this
acquisition.
Although the Corporation believes that the expectations and
assumptions on which Forward-Looking Information is based are
reasonable, readers of this press release are cautioned not to rely
unduly on this Forward-Looking Information since no assurance can
be given that they will prove to be correct. The Corporation does
not undertake any obligation to update or revise any
Forward-Looking Information, whether as a result of events or
circumstances occurring after the date of this press release,
unless so required by legislation.
innergex.com
SOURCE Innergex Énergie Renouvelable Inc.