LONGUEUIL, QC, Nov. 14, 2017 /CNW Telbec/ - Innergex
Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation")
announces today that it has received approval from the Toronto
Stock Exchange ("TSX") to implement an automatic purchase plan
under its normal course issuer bid (the "Bid").
The Bid commenced on August 17,
2017 and will terminate on August 16,
2018. Under the Bid, the Corporation may purchase for
cancellation up to 2,000,000 of its common shares, representing
approximately 1.84% of the 108,640,790 issued and outstanding
common share of the Corporation as at August
14, 2017.
During the period from August 17,
2017 to November 14, 2017, the
Corporation did not repurchase any common shares for
cancellation.
The Corporation has entered into an automatic purchase plan
agreement with a designated broker to allow for purchases of its
common shares during times when it would ordinarily not be
permitted to do so due to self-imposed black-out periods or
regulatory restrictions.
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 1,078 MW (gross 1,780 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
This
press release contains forward-looking information within the
meaning of applicable securities laws ("Forward-Looking
Information"). All information and statements other than statements
of historical facts contained in this press release is
Forward-Looking Information. Forward-Looking Information can
generally be identified by the use of words such as
"approximately", "may", "will", "could", "believes", "expects",
"intends", "should", "plans", "potential", "project",
"anticipates", "estimates", "scheduled" or "forecasts", or other
comparable terminology that states that certain events will or will
not occur, such as the possible purchase by the Corporation of its
common shares under the normal course issuer bid.
Forward-Looking Information is based on certain key assumptions
made by the Corporation, including expectations and assumptions
concerning anticipated cash flows, financial leverage and
restrictive covenants. Forward-Looking Information involves 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. These are referred to in the
"Risk Factors" section of the Corporation's Annual Information Form
and include, without limitation: the ability of the Corporation to
execute its strategy for building shareholder value; its ability to
raise additional capital and the state of capital markets;
liquidity risks related to derivative financial instruments;
variability in hydrology, wind regimes and solar irradiation;
delays and cost overruns in the design and construction of
projects; uncertainty surrounding the development of new
facilities; variability of installation performance and related
penalties; and the ability to secure new power purchase agreements
or to renew existing ones.
Although the Corporation believes that the expectations and
assumptions on which Forward-Looking Information is based are
reasonable under the current circumstances, readers are cautioned
not to rely unduly on this Forward-Looking Information, since no
assurance can be given that it will prove to be correct.
Forward-Looking Information contained herein is made as at the date
of this Press Release and 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 hereof, unless so required by legislation.
innergex.com
SOURCE Innergex Énergie Renouvelable Inc.