LONGUEUIL, QC, Oct. 31, 2017 /CNW Telbec/ - Innergex Renewable
Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") announces
today that its revolving credit facilities, led by TD Securities
and BMO Capital Markets, were increased by $50 million. Wells
Fargo Bank, N.A., Canada Branch
was added to the syndicate of lenders which includes
Toronto-Dominion Bank, Bank of Montreal, National Bank of Canada, Canadian Imperial Bank of Commerce,
Fédération des caisses Desjardins du Québec and the Bank of
Tokyo-Mitsubishi UFJ, Canada
Branch. The Corporation also extended the maturity of its revolving
facilities from December 2021 to
December 2022 to provide greater
financing flexibility. The credit facilities now stand at
$475 million, supported by 13 unencumbered operating
assets.
The $50 million increase is
independent of the prior announce made on October 30, 2017 regarding the up to $700 million committed financing from
two leading Canadian banks, in the context of the Alterra Power
Corp. acquisition. This increase is part of the strategy to provide
Innergex with greater flexibility to pursue growth through
development of new projects and acquisitions.
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 52 operating facilities with an aggregate net
installed capacity of 1,079 MW (gross 1,781 MW), including 31
hydroelectric facilities, 20 wind farms and one solar farm; (ii)
interests in two projects under construction with a net installed
capacity of 46 MW (gross 66 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.
innergex.com
SOURCE Innergex Énergie Renouvelable Inc.