LONGUEUIL, QC, Dec. 16, 2020 /CNW Telbec/ - Innergex Renewable
Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") reports
that the rating agency S&P Global Ratings, a division of
S&P Global Inc. ("S&P") changed the credit rating of
Innergex to BB+(Stable) from BBB-(Negative) and the ratings of
Innergex's preferred shares to B+ and P-4(High), from BB and
P-3.
The Corporation also reports that Fitch Ratings recently
assigned a BBB- with a stable outlook rating to Innergex and each
of Innergex's Series A Preferred Shares and Series C Preferred
Shares was assigned a BB rating.
"In light of the initial "Investor grade" rating issued recently
by Fitch Rating, where Innergex is attributed a BBB- stable
outlook, and despite today's review by S&P, Innergex's balance
sheet is perceived as strong by major rating agencies," said
Michel Letellier, President and
Chief Executive Officer of Innergex. "We remain confident in our
long-term cash profile and do not expect the revised S&P
ratings to have a material influence on the market price, value and
liquidity of our securities."
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, solar farms and energy storage facilities, 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 75
operating facilities with an aggregate net installed capacity of
2,742 MW (gross 3,694 MW) and an energy storage capacity of 150
MWh, including 37 hydroelectric facilities, 32 wind farms and six
solar farms. Innergex also holds interests in 10 projects under
development, four of which are under construction, with a net
installed capacity of 555 MW (gross 629 MW) and an energy storage
capacity of 329 MWh, as well as prospective projects at different
stages of development with an aggregate gross capacity totaling
6,871 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.
CAUTIONARY STATEMENT REGARDING 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"), including the Corporation's financial condition,
ongoing access to capital to fund prospective projects and projects
under development and construction, sources and impact of funding,
terms and conditions of current and future financings, and
execution of non-recourse project-level financing (including the
timing and amount thereof), and other statements that are not
historical facts. Forward-Looking Information can generally be
identified by the use of words such as "approximately", "may",
"will", "could", "believes", "expects", "intends", "should",
"would", "plans", "potential", "project", "anticipates",
"estimates", "scheduled" or "forecasts", or other comparable terms
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 Information is based on certain key assumptions
made by Innergex, including, without restrictions, assumptions
concerning economic, financial and financial market conditions,
expectations and assumptions concerning availability of capital
resources and the decision of certain credit agencies to maintain
or change Innergex's ratings. Although Innergex believes that the
expectations and assumptions on which such forward-looking
information is based are reasonable, under the current
circumstances, readers are cautioned not to rely unduly on this
forward-looking information as no assurance can be given that they
will prove to be correct. The forward-looking information contained
in this press release is made as of the date hereof and Innergex
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 law.
For more information on the risks and uncertainties, including
with respect to Innergex's credit ratings and any changes thereof,
that may cause actual results or performance to be materially
different from those expressed, implied or presented by the
forward-looking information or on the principal assumptions used to
derive this information, please refer to the "Forward-Looking
Information" and "Risks and Uncertainties" sections of the latest
Annual Report.
SOURCE Innergex Renewable Energy Inc.