- Two projects advancing to final award group
- Total capacity of 35 MWAC solar and 140 MWh battery
storage
LONGUEUIL, QC, May 12, 2020 /CNW Telbec/ - Innergex
Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation")
is pleased to announce it has successfully advanced to the Final
Award Group in Hawaiian Electric Companies' request for proposals
for new renewable power generation. The proposed projects are a 15
MWAC solar and 60 MWh battery storage facility located
on the island of O'ahu and a 20 MWAC solar and
80 MWh battery storage facility located on the island of
Maui. The two projects have a
proposed commercial operation date of 2023.
"Innergex already has two projects in development in
Hawaii. Adding these two extra
projects will enable Innergex to achieve its strategic priority of
developing its expertise in battery storage and increasing its
presence in the United States
while supporting Hawaii in its
journey to achieve 100% clean energy by 2045," said Michel Letellier, President and Chief Executive
Officer of Innergex. "We look forward to continuing to engage with
the local communities where these future sites are proposed,
introduce our team, and provide information about the
projects."
The projects are subject to reaching an acceptable, 25-year
power purchase agreement with Hawaiian Electric Company, Inc., an
important step that will need to be concluded before moving ahead
with the permitting process, and to seek approval by the Public
Utilities Commission.
About Innergex Renewable Energy Inc.
For 30
years, Innergex has believed in a world where abundant renewable
energy promotes healthier communities and creates shared
prosperity. As an independent renewable power producer which
develops, acquires, owns and operates hydroelectric facilities,
wind farms and solar farms, Innergex is convinced that generating
power from renewable sources will lead the way to a better world.
Innergex conducts operations in Canada, the United
States, France and
Chile and manages a large
portfolio of high-quality assets currently consisting of interests
in 68 operating facilities with an aggregate net installed capacity
of 2,588 MW (gross 3,488 MW), including 37 hydroelectric
facilities, 26 wind farms and five solar farms. Innergex also holds
interests in six projects under development, two of which are under
construction, with a net installed capacity of 295 MW (gross 369
MW), and prospective projects at different stages of development
with an aggregate gross capacity totaling 7,131 MW. Its approach to
building shareholder value is to generate sustainable cash flows,
provide an attractive risk-adjusted return on invested capital and
to distribute a stable dividend.
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 information addresses future events and
conditions, it is by its very nature subject to inherent risks and
uncertainties. 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 include, but are not limited
to, the risks associated with the ability of Innergex to execute
its strategy for building shareholder value, its ability to raise
additional capital and the state of the capital markets, liquidity
risks related to derivative financial instruments, variability in
hydrology, wind regimes and solar irradiation, uncertainties
surrounding the development of new facilities, interest rate
fluctuations and refinancing risks, financial leverage and
restrictive covenants governing current and future indebtedness,
failure to realize the anticipated benefits of such acquisitions,
variability of installations performance and related penalties,
foreign exchange fluctuations and the fact that revenues from
certain facilities will vary based on the market (or spot) price of
electricity.
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 and Prospective Project, the Corporation may provide (where
available) an estimate of potential installed capacity, estimated
project costs, project financing terms and each project's
development and construction schedule, based on its extensive
experience as a developer, in addition to information directly
related to incremental internal costs, site acquisition costs and
financing costs, which are eventually adjusted for the projected
costs and construction schedule provided by the engineering,
procurement and construction ("EPC") contractor retained for the
project.
The Corporation
provides indications based on assumptions regarding its current
strategic positioning and competitive outlook, as well as
scheduling and construction progress, for its Development Projects
and its Prospective Projects, which the Corporation evaluates based
on its experience as a developer.
|
Uncertainties
surrounding development of new facilities
Performance of major
counterparties, such as suppliers or contractors
Delays and cost
overruns in the design and construction of projects
Ability to secure
appropriate land
Obtainment of
permits
Health, safety
and environmental risks
Ability to secure new
PPAs or renew any PPA
Higher-than-expected
inflation
Equipment
supply
Interest rate
fluctuations and financing risk
Risks related to U.S.
PTCs and ITCs, changes in U.S. corporate tax rates and availability
of tax equity financing
Regulatory and
political risks
Natural disaster and
force majeure
Relationships with
stakeholders
Foreign market growth
and development risks
Outcome of insurance
claims
Social acceptance of
renewable energy projects
Ability of the
Corporation to execute its strategy of building shareholder
value
Failure to realize
the anticipated benefits of completed and future
acquisitions
Changes in
governmental support to increase electricity to be generated from
renewable sources by independent power producers
|
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.
SOURCE Innergex Renewable Energy Inc.