- Acquisition of an approximately 260 MWDC solar
prospective project in Brown County,
Ohio
- Would expand Innergex's US footprint to seven states
- Project almost ready to be built upon signing of an offtake
contract
LONGUEUIL, QC, Oct. 22, 2018 /CNW Telbec/ - Innergex
Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation")
is pleased to announce the acquisition of a photovoltaic solar
prospective project of approximately 260 MWDC located in
Brown County, OH, United States from Open Road Renewables, LLC
and MAP Renewable Energy, LLC, the developers of the project.
"The acquisition of this prospective project increases
Innergex's footprint in the US Midwest. The renewable energy market
in this area has many prospective development and long-term
contracts possibilities with a diverse list of potential clients,"
said Michel Letellier, President and
Chief Executive Officer of Innergex. "All major development
milestones are completed, and we are optimistic signing a solid
off-taker given Innergex's strong reputation in bringing projects
to execution."
The Hillcrest project is one of the first utility scale solar
projects to complete the Ohio Power Siting Board (OPSB) permitting
process successfully and was awarded the necessary certificate of
Environmental Compatibility and Public Need to Construct an
Electric Generation Facility. Interconnection service agreements
are in place with PJM to interconnect to the Duke Energy owned
Hillcrest substation, that would allow a commercial operation date
between 2020 and 2021. Innergex has begun discussions to sell the
power produced by the facility through a power purchase
agreement.
About Innergex Renewable Energy Inc.
The
Corporation is an independent renewable power producer which
develops, acquires, owns and operates hydroelectric facilities,
wind farms, solar farms and geothermal power generation plants. As
a global corporation, Innergex conducts operations in Canada, the United
States, France,
Chile and Iceland. Innergex manages a large portfolio of
assets currently consisting of interests in 68 operating facilities
with an aggregate net installed capacity of 1,725 MW (gross
3,072 MW), including 37 hydroelectric facilities, 25 wind
farms, four solar farms and two geothermal facilities. Innergex
also holds interests in five projects under development with a net
installed capacity of 719 MW (gross 800 MW), two of which are
currently under construction and prospective projects at different
stages of development with an aggregate net capacity totaling 8,382
MW (gross 9,246 MW). Respecting the environment and balancing the
best interests of the host communities, its partners, and its
investors are at the heart of the Corporation's development. Its
strategy for building shareholder value is to generate sustainable
cash flows, provide an attractive risk-adjusted return on invested
capital and to distribute a stable dividend. Innergex Renewable
Energy Inc. is rated BBB- by S&P.
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"). 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 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 statements are based on certain key expectations
and assumptions made by Innergex, including expectations and
assumptions concerning availability of capital resources; economic
and financial conditions and project performance. Although Innergex
believes that the expectations and assumptions on which such
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because
Innergex can give no assurance that they will prove to be
correct.
Since forward-looking statements address future events and
conditions, they are by their very nature subject to inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
These include, but are not limited to, the risks associated with
the renewable energy industry in general such as execution of
strategy; ability to develop Innergex's projects on time and within
budget; capital resources; derivative financial instruments;
current economic and financial conditions; accurate assessment and
natural variability of renewable energy resources; construction,
design and development of new facilities; performance of existing
projects; equipment failure; interest rate and refinancing risk;
currency exchange rates, variation in merchant price of
electricity, financial leverage and restrictive covenants;
relationships with public utilities, and the risks and assumptions
identified below. Readers are cautioned that the foregoing list of
factors is not exhaustive. Additional information on these and
other factors that could affect the operations or financial results
of Innergex are included in Innergex's annual information form
available on SEDAR at www.sedar.com.
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.
Principal
Assumptions
|
Principal Risks and
Uncertainties
|
Estimated start of
commercial operation for development projects or prospective
projects, successful execution of a power purchase
agreement
That development and
construction of development and prospective projects will proceed
on time and on budget to commercial operations and estimates
thereof based on the Corporation's extensive experience as a
developer.
That the Corporation
will be able to successfully secure a power purchase agreement
through bi-lateral negotiations or a competitive request for
proposal process.
|
Performance of
counterparties
Delays and cost
overruns in the design and construction of projects
Equipment
supply
Interest rate
fluctuations and financing risk
Relationships with
stakeholders
Regulatory and
political risks
Natural
disaster
Ability to secure a
power purchase agreement
|
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 forward-looking
statements contained in this press release are made as of the date
hereof and Innergex undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
innergex.com
SOURCE Innergex Renewable Energy Inc.