LONGUEUIL, QC, May 21, 2021 /CNW/ - Innergex Renewable Energy
Inc. (TSX: INE) ("Innergex" or the "Corporation") reports that the
District Court of Harris County,
Texas denied the temporary injunction application made on
April 21, 2021, directing the
counterparty to the power hedges for each of the Flat Top wind
facility in Mills County and the
Shannon wind facility in
Clay County (together, the
"Projects") to suspend all remedies, including foreclosure, against
the Projects, arising from an alleged default of payment that was
formally disputed by the Projects, following unprecedented extreme
weather conditions and related electricity market failure that
paralyzed the State of Texas in
February 2021 (unofficially referred
to as Winter Storm Uri). Innergex
owns 51% of the sponsor equity in the Flat Top facility and 50% of
the sponsor equity in the Shannon
facility.
As a result of the Court's decision, the counterparty to the
power hedges for the Projects will not be precluded from exercising
any of its remedies, including foreclosure.
For more information on the potential financial impact of the
exercise of the remedies, including foreclosure, please refer to
the Supplemental Information to First Quarter Results of its 2021
First Quarter Report available on the Corporation's website at
https://www.innergex.com/wp-content/uploads/2021/05/INE_Q1_2021_REPORT_EN.pdf.
The Corporation will provide additional financial information,
pertaining to the situation, once the counterparty will have
exercised its remedies, in due time.
About Innergex Renewable Energy Inc.
For over 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 76
operating facilities with an aggregate net installed capacity of
2,747 MW (gross 3,701 MW) and an energy storage capacity of 150
MWh, including 37 hydroelectric facilities, 33 wind farms and six
solar farms. Innergex also holds interests in 9 projects under
development, three of which are under construction, with a net
installed capacity of 551 MW (gross 623 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 6,875 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 ("Forward-Looking
Information"), including the Corporation's power production,
strategic, operational and financial benefits and accretion
expected to result from the Projects, business strategy, business
outlook, objectives, plans and strategic priorities, 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 includes future-oriented financial
information or financial outlook within the meaning of securities
laws, including information regarding the Corporation's expected
production, projected Revenues, projected Revenues Proportionate,
projected Adjusted EBITDA, projected Adjusted EBITDA Proportionate,
Projected Free Cash Flow and other statements that are not
historical facts. Such information is intended to inform readers of
the potential financial impact of the possible outcomes of the
proceedings. Such information may not be appropriate for other
purposes.
Forward-looking Information is based on certain key assumptions
made by Innergex, including, without restrictions, assumptions
concerning project performance, economic, financial and financial
market conditions, expectations and assumptions concerning
availability of capital resources and timely performance by
third-parties of contractual obligations, receipt of regulatory
approvals and the divestiture of select assets. 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 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"
section of the latest Annual Report for more information.
SOURCE Innergex Renewable Energy Inc.