- Projects total 45 MWAC solar capacity and 180 MWh
battery storage
- Innergex to enter the very promising battery storage
market
LONGUEUIL, QC, Jan. 4, 2019 /CNW Telbec/ - Innergex Renewable
Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased
to announce the signing of two 25-year power purchase agreements
that provide a fixed price with the Hawai'i Electric Light Company
and the Maui Electric Company for the electricity to be produced at
the Hale Kuawehi and Paeahu solar and battery energy storage
projects. Both projects have a proposed commercial operation date
of 2022. The agreements are subject to approval by the Public
Utilities Commission of Hawai'i.
"With these two important and unique projects in Hawai'i, we are
excited to enter the growing and promising battery energy storage
market, in which we intend to become a key player," said
Michel Letellier, President and
Chief Executive Officer of Innergex. "The technological
advancements in battery storage are changing the way utilities
service their customers and we intend to become a solid
partner with them in managing their power needs."
The two 25-year power purchase agreements are for dispatchable
energy, allowing the respective utilities to dispatch the
facilities as they deem appropriate to maintain grid stability and
maximise renewable energy use on Maui and Hawai'i islands.
The Hale Kuawehi solar project is a
30 MWAC facility with 120 MWh of battery
storage located on the island of Hawai'i. Its average annual
electricity generation could reach 92,000 MWh. The Paeahu solar
project is a 15 MWAC facility with a
60 MWh battery storage facility on the island of Maui. It could generate on average annually
45,000 MWh.
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 2,091 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 strategy. Its
approach 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 Disclaimer
To inform
readers of the Corporation's future prospects, this press release
contains forward-looking information within the meaning of
applicable securities laws, including, but not limited to,
Innergex's business strategy, future development and growth
prospects, business outlook, objectives, plans and strategic
priorities, and other statements that are not historical facts
("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.
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 projects on time and within budget;
capital resources; derivative financial instruments; current
economic and financial conditions; hydrology and wind regimes,
geothermal resources and solar irradiation; 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; and
relationships with public utilities. 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 project
costs, expected obtainment of permits, start of construction,
work conducted and start of
commercial operation for Development Projects or
Prospective Projects
For each development
project, the Corporation provides an estimate of project costs
based on its extensive experience
as a developer, directly related incremental internal costs,
site acquisition costs and
financing costs, which are eventually adjusted for the projected
costs provided by the engineering,
procurement and construction ("EPC") contractor retained for
the project.
The Corporation
provides indications regarding scheduling and construction progress
for its Development Projects and
indications regarding its Prospective Projects, based on its
extensive experience as a
developer.
|
Performance of
counterparties, such as the EPC
contractors
Delays and cost
overruns in the design and construction of projects
Obtainment of
permits
Equipment
supply
Interest rate
fluctuations and financing risk
Relationships with
stakeholders
Regulatory and
political risks
Higher-than-expected
inflation
Natural
disaster
|
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.