RECENT ACQUISITIONS PARTLY COMPENSATING LOWER
RESULTS DUE TO EXCEPTIONAL UNFAVOURABLE WEATHER CONDITIONS
- Revenues and Production Tax Credits were up 5%
- Acquisition of three solar facilities in Ontario in Q1 2023 (adding gross 60 MW)
- Selected with the Mi'gmawei Mawiomi Business Corporation in the
Request for Proposals by Hydro-Québec for the Mesgi'g Ugju's'n 2
("MU2") wind project in Q1 2023 (to add gross 102 MW)
- 30-year, 320 MW power purchase agreement effective for the
Boswell Springs wind project in Wyoming
All amounts are in
thousands of Canadian dollars, unless otherwise
indicated.
|
LONGUEUIL, QC, May 9, 2023
/CNW/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex"
or the "Corporation") today released its operating and financial
results for the first quarter ended March 31, 2023.
The Corporation was able to post revenues growth in the first
quarter of 2023 despite exceptional unfavourable weather conditions
impacting overall results and production mostly at hydro facilities
in British Columbia and at the
wind facilities in Quebec.
Historical trends clearly demonstrate the singularity of the
weather conditions experienced in the past few quarters in
British Columbia, leading to the
conclusion that better resource trends could be experienced again
in the near future. In the meantime, the operations team continues
to deploy initiatives to increase equipment availability and be
more efficient in capturing all of the facilities' production
potential. US and Quebec hydro
facilities posted solid production in the quarter, as did the
French and US wind facilities. Quarterly results were also
positively impacted by the recent acquisition of three solar
facilities in northern Ontario in
Q1 2023, which added 60 MW of installed capacity to Innergex's
portfolio, as well as from the acquisition of the Aela wind
facilities completed in Q2 2022 in Chile. These acquisitions will support the
Corporation towards the financial growth objectives laid in its
Strategic Plan.
The Corporation's development activities continue to advance. In
the United States, construction at
the 330 MW Boswell Springs wind project in Wyoming progresses and the conditions
precedent to its 30-year power purchase agreement were met in the
quarter. The Ohio Power Siting Board Staff Report of Investigation
approved the Certificate of Environmental Compatibility and Public
Need for the Palomino solar project. Three other large projects in
the United States are at an
advanced stage with promising outcomes in the states of
Colorado, Texas and Washington. In Hawaii, the Hale Kuawehi project is awaiting
the approval of the revised PPA agreement by the Public Utility
Commission and the prospective 20 MW Kahana solar and battery
energy storage project was sold in the second quarter of 2023
allowing the Corporation to recoup its investment and potentially
earning contingent payments should the project reach certain
milestones in the future. This transaction allowed Innergex to
refocus its resources on its other projects in development. In
Canada, the outlook is very
promising for the industry, especially with the Federal
government's announcement to provide over $48 billion in support for clean electricity
through investment tax credits ("ITCs"), options for low-cost
financing and targeted investments and programs. The projects lined
up by Innergex are strong and the teams are ready to submit them in
future Request for Proposals ("RFPs") processes in Quebec and other provinces. During the
quarter, the Mesgi'g Ugju's'n 2 ("MU2") wind project was selected
by Hydro-Québec in a RFP and signature of the power purchase
agreement is expected in Q2 2023. The Canadian market will remain a
core market for Innergex in which it intends to maintain a
leadership position. After a few years of active development work
in France, nine projects for a
total of 226 MW, are now at an advanced development stage with high
achievement probability. Finally, the Chilean team is focused on
integrating recent acquisitions and advancing two battery energy
storage projects expected to be commissioned by the end of the
year. Development opportunities are still sought after as Innergex
solidifies its independent power producer leadership position in
the market.
"Innergex's strategy has always been to diversify activities and
to focus on long-term performance and we remain convinced more than
ever that this approach is a guarantee of success. The diversity of
our assets in terms of technology and geography, the long life of
our power purchase agreements and our understanding of the demand
trend support our strategic approach and allow us to be confident
in our future, despite the uncontrollable challenging weather
conditions," said Michel Letellier,
President and Chief Executive Officer at Innergex. "As the markets
open up in every region where we operate, and governments offer
incentives to support the growth and competitiveness of renewable
energy development, we are well positioned with our broad and deep
range of prospective projects and expertise to seize opportunities
and grow our portfolio of operating assets. The demand for
renewable energy will continue to grow as the energy transition
continues and we will be there to help the world adopt greener
solutions to address the climate crisis."
RECENT DEVELOPMENTS
On January 18, 2023, Innergex
reached another milestone in the development of its 330 MW Boswell
Springs wind project. The conditions precedent to the thirty-year
power purchase agreement with PacifiCorp were met. Total
construction costs of the Boswell Springs wind project are expected
to amount to US$544 million
($728.2 million). The financing and
tax equity investment process is progressing well, and on-site
construction activities will ramp up in Q2 2023.
On March 9, 2023, Innergex
announced the closing of the acquisition of a 60 MW solar
portfolio, consisting of three operating facilities in Sault Ste. Marie, Ontario, for a purchase
price of $51.3 million, along with
the assumption of $164.3 million of
existing debt.
On March 15, 2023, Innergex and
Mi'gmawei Mawiomi Business Corporation announced that their 102 MW
Mesgi'g Ugju's'n 2 ("MU2") wind project had been selected in
Hydro-Québec's Request for Proposals. Its commissioning is
scheduled for 2026, and the power purchase agreement, to be
concluded with Hydro-Québec, is expected to be structured as a
30-year "take-or-pay" contract indexed to inflation. Project costs
are estimated at approximately $277.4 million, which are expected to be
financed with approximately 75% to 80% of long-term, non-recourse
project debt. The remaining portion will be funded by sponsor
equity to be shared equally among the partners.
FINANCIAL HIGHLIGHTS
On January 1, 2023, the Corporation amended the
presentation of its consolidated statements of earnings (refer to
Section 7- Significant Accounting Policies of the Management's
Discussion and Analysis for the three months ended March 31, 2023 ("MD&A") for more
information). Concurrently, certain Non-IFRS measures have been
amended (refer to Section 5- Non-IFRS Measures of the MD&A for
more information).
|
Three months ended
March 31
|
2023
|
2022
|
Production
(MWh)
|
2,312,655
|
2,304,600
|
Production as a
percentage of LTA
|
87 %
|
95 %
|
|
|
|
Revenues and Production
Tax Credits
|
218,328
|
207,770
|
Operating
Income
|
65,538
|
69,342
|
Adjusted
EBITDA1
|
145,100
|
149,843
|
Net (Loss)
Earnings
|
(13,036)
|
(34,930)
|
Adjusted Net
Loss1
|
(13,914)
|
(2,336)
|
Net (Loss) Earnings
Attributable to Owners, $ per share - basic and diluted
|
(0.08)
|
(0.18)
|
Production
Proportionate (MWh)1
|
2,359,970
|
2,358,027
|
Revenues and Production
Tax Credits Proportionate1
|
224,455
|
216,116
|
Adjusted EBITDA
Proportionate1
|
148,443
|
155,181
|
|
|
|
|
Trailing twelve
months
ended March 31
|
|
2023
|
2022
|
Cash Flow from
Operating Activities
|
398,690
|
290,386
|
Free Cash
Flow1,2
|
135,686
|
155,046
|
Payout
Ratio1,2
|
108 %
|
89 %
|
1.
|
These measures are not
recognized measure under IFRS and therefore may not be comparable
to those presented by other issuers. Production and Production
Proportionate are key performance indicators for the Corporation
that cannot be reconciled with an IFRS measure. Please refer to the
section 5- Non-IFRS Measures for more information.
|
2.
|
For more information on
the calculation and explanation, please refer to the section 4-
Free Cash Flow and Payout Ratio of the MD&A.
|
OPERATING PERFORMANCE
THREE-MONTH PERIOD ENDED MARCH 31,
2023
(compared with the same period last year unless
otherwise indicated)
Production for the three-month period ended
March 31, 2023, was 87% of LTA. Innergex's share of
production of joint ventures and associates1 was 98% of
LTA, translating into a Production Proportionate1 at 87%
of LTA.
Revenues and Production Tax Credits ("PTCs") were up 5%
at $218.3 million.
- Main contributors:
-
- The Aela acquisition;
- Higher spot rate and higher production at most of the Chilean
hydro facilities;
- Higher water flow at the Curtis Palmer hydro facilities;
- Higher production from the US wind facilities;
- The impact from higher production and the new PPAs in place at
wind facilities in France;
and
- The acquisition of the Sault Ste.
Marie solar facilities.
- Main offsets:
-
- Overall exceptionally lower water flows for all BC hydro sites
due to a very dry season and low precipitation and the BC Hydro
Curtailment Payment2 recorded in Q1 2022;
- Overall decreased production due to a lower wind regime in
Quebec; and
- Lower irradiation and selling prices and higher economic
curtailment at the Phoebe solar facility and at the solar sites in
Chile.
Revenues and PTCs Proportionate1 were
stable at $224.5 million compared to
the same period last year.
1.
|
This is not a
recognized measure under IFRS and therefore may not be comparable
to those presented by other issuers. Please refer to the "Non-IFRS
Measures" section for more information.
|
2.
|
The BC Hydro
Curtailment Payment refers to the curtailment notices sent by BC
Hydro in May 2020 for six hydro facilities which were disputed by
the Corporation on the basis that, under its Electricity Purchase
Agreements with BC Hydro, BC Hydro can exercise this right but is
required to compensate Innergex for energy that would have been
produced at the facilities in the absence of the curtailment. For
the period from May 22, 2020 to July 20, 2020, actual eligible
energy revenue that would have been produced at the facilities in
the absence of the curtailment amounts to $12.5 million ($14.2
million on a Revenues Proportionate1 basis). The dispute was
settled in the first quarter of 2022 to Innergex's
satisfaction.
|
CASH FLOW FROM OPERATING ACTIVITIES, FREE CASH FLOW3 AND
PAYOUT RATIO3
THREE-MONTH PERIOD ENDED MARCH 31,
2023
(compared with the same period last year unless
otherwise indicated)
Cash flows from operating activities totalled
$53.3 million, compared with
$84.9 million.
- Main contributors:
-
- The increase in finance costs paid relative to the timing of
interest payments for certain BC project debts in Q1 2023;
- The Aela Acquisition in Q2 2022; and
- The subsequent refinancing of the non-recourse debt in
Chile in early Q3 2022.
- Main offsets:
-
- The contribution to cash flows from operating activities
stemming from the Aela and Sault Ste.
Marie acquisitions.
TRAILING TWELVE MONTHS ENDED MARCH 31,
2023
(compared with the same period last year unless
otherwise indicated)
Free Cash Flow3 totalled $135.7 million, compared with $155.0 million.
- Main contributors:
-
- A decrease in cash flows from operating activities before
changes in non-cash operating working capital items stemming from
the exceptionally low production in British Columbia in Q4 2022 and Q1 2023 due to
drier weather, and following the BC Hydro Curtailment Payment
received in Q1 2022;
- An increase in the interest paid mainly stemming from the Aela
Acquisition in Q2 2022 and the subsequent refinancing of the
non-recourse debt in Chile in
early Q3 2022, from the recent Sault Ste.
Marie, Mountain Air and French acquisitions, and from the
construction activities;
- An increase in maintenance capital expenditures mainly stemming
from the recent acquisitions and from the recent weather-related
damages at the Foard City
facility; and
- A decrease in cash flows from operating activities before
changes in non-cash operating working capital items from the Phoebe
facility, due mostly to an unfavourable difference between sales at
the Phoebe node and purchases at the ERCOT South hub.
- Main offsets:
-
- The contribution to cash flows from operating activities before
changes in non-cash operating working capital items from the Aela,
Curtis Palmer and Sault Ste. Marie
acquisitions;
- The increase in merchant prices on certain USA and Chilean facilities;
- A decrease in Free Cash Flow3 attributed to
non-controlling interests of British
Columbia hydro facilities, following exceptionally low
production in British Columbia in
Q4 2022 and Q1 2023, partly offset by an increase attributed to the
Curtis Palmer Acquisition; and
- A decrease in scheduled debt principal payments stemming from
the Pay-go contribution from the Tax Equity Investors at Griffin
Trail.
Payout Ratio3
For the trailing twelve months ended March 31, 2023, the dividends on common shares
declared by the Corporation amounted to 108% of Free Cash
Flow3 compared with 89% for the corresponding period
last year.
3.
|
This is not a
recognized measure under IFRS and therefore may not be comparable
to those presented by other issuers. Please refer to the "Non-IFRS
Measures" section for more information.
|
SUBSEQUENT EVENTS
On April 21, 2023, the Corporation
announced the closing of a US$49.5
million ($66.7 million)
non-recourse construction financing for the San Andrés battery
energy storage project. The construction bridge loan is expected to
be repaid with the proceeds from a future long-term non-recourse
financing after the facility reaches commercial operation. The
remaining US$12.4 million
($16.7 million) will be financed from
Innergex's revolving credit facilities.
On April 19, 2023, Innergex
disposed of the Kahana solar energy and battery storage project for
a nominal amount, thereby recouping its investment and potentially
earning contingent payments should the project reach certain
milestones in the future.
On April 12, 2023, the Corporation
increased its existing letter of credit facility guaranteed by
Export Development Canada up to an amount of $200.0 million, an increase of $50.0 million from 2022, offering the Corporation
greater flexibility to support its development activities.
On April 1, 2023, the battery
energy storage system supply agreements for the Paeahu, Kahana and
Barbers Point Hawaiian solar energy and battery storage projects
were terminated, while remaining in effect for the Hale Kuawehi
project. As part of the settlement, Innergex will receive payments
totalling US$13.3 million
($18.0 million) in the second quarter
of 2023.
DIVIDEND DECLARATION
The following dividends will be paid by the Corporation on
July 17, 2023:
Date of
announcement
|
Record date
|
Payment date
|
Dividend per
common share
|
Dividend per Series
A
Preferred
Share
|
Dividend per Series
C
Preferred Share
|
May 9, 2023
|
June 30,
2023
|
July 17,
2023
|
$0.180
|
$0.2028
|
$0.3594
|
NON-IFRS MEASURES
Some measures referred to in this press
release are not recognized measures under IFRS and therefore may
not be comparable to those presented by other issuers. Innergex
believes these indicators are important, as they provide management
and the reader with additional information about Innergex's
production and cash generation capabilities, its ability to sustain
current dividends and its ability to fund its growth. These
indicators also facilitate the comparison of results over different
periods. Revenues and Production Tax Credits Proportionate,
Adjusted EBITDA, Adjusted EBITDA Proportionate, Adjusted Net Loss,
Free Cash Flow and Payout Ratio are not measures recognized by IFRS
and have no standardized meaning prescribed by IFRS.
Revenues and Production Tax Credits Proportionate, Adjusted
EBITDA and Adjusted EBITDA Proportionate
References in this document to "Revenues and Production Tax
Credits Proportionate" are to Revenues and Production Tax Credits,
plus Innergex's share of Revenues and Production Tax Credits of the
joint ventures and associates.
References in this document to "Adjusted EBITDA" are to
operating income, to which are added (deducted) depreciation and
amortization, impairment charges, and the realized portion of the
change in fair value of power hedges. References in this document
to "Adjusted EBITDA Proportionate" are to Adjusted EBITDA, plus
Innergex's share of Adjusted EBITDA of the joint ventures and
associates.
Innergex believes that the presentation of these measures
enhances the understanding of the Corporation's operating
performance. Adjusted EBITDA is used by investors to evaluate the
operating performance and cash generating operations, and to derive
financial forecasts and valuations. Revenues and Production Tax
Credits Proportionate and Adjusted EBITDA Proportionate measures
are used by investors to evaluate the contribution of the joint
ventures and associates to the Corporation's operating performance
and cash generating operations, and the contribution of such for
financial forecasts and valuations purposes. Readers are cautioned
that Revenues and Tax Credits Proportionate, should not be
construed as an alternative to Revenues and Production Tax Credits,
as determined in accordance with IFRS. Readers are also cautioned
that Adjusted EBITDA and Adjusted EBITDA Proportionate, should not
be construed as an alternative to operating income, as determined
in accordance with IFRS. Please refer to Section 3- Financial
Performance and Operating results for more information.
Below is a reconciliation of the non-IFRS measures to their
closest IFRS measures:
|
|
Three months ended
March 31, 2023
|
Three months ended
March 31, 2022
|
|
|
Consolidation
|
Share of joint
ventures
|
Proportionate
|
Consolidation
|
Share of joint
ventures
|
Proportionate
|
|
|
|
|
|
|
|
|
Revenues and
Production Tax Credits
|
|
218,328
|
6,127
|
224,455
|
207,770
|
8,346
|
216,116
|
|
|
|
|
|
|
|
|
Operating
income
|
|
65,538
|
(774)
|
64,764
|
69,342
|
1,143
|
70,485
|
Depreciation and
amortization
|
|
77,337
|
4,117
|
81,454
|
80,231
|
4,195
|
84,426
|
Realized gain on power
hedges
|
|
2,225
|
—
|
2,225
|
270
|
—
|
270
|
Adjusted
EBITDA
|
|
145,100
|
3,343
|
148,443
|
149,843
|
5,338
|
155,181
|
Adjusted Net Loss
References to "Adjusted Net Loss" are to net earnings or losses
of the Corporation, to which the following elements are added
(subtracted): unrealized portion of the change in fair value of
derivative financial instruments, realized loss on the termination
of interest rate swaps, realized gain on foreign exchange forward
contracts, impairment charges, items that are outside of the normal
course of the Corporation's cash generating operations, the net
income tax expense (recovery) related to these items, and the share
of loss (earnings) of joint ventures and associates related to the
above items, net of related income tax.
The Adjusted Net Loss seeks to provide a measure that eliminates
the earnings impacts of certain derivative financial instruments
and other items that are outside of the normal course of the
Corporation's cash generating operations, which do not represent
the Corporation's operating performance. Innergex
uses derivative financial instruments to hedge its
exposure to various risks. Accounting for derivatives requires that
all derivatives are marked-to-market. When hedge accounting is not
applied, changes in the fair value of the derivatives is recognized
directly in net earnings (loss). Such unrealized changes have no
immediate cash effect, may or may not reverse by the time the
actual settlements occur and do not reflect the Corporation's
business model toward derivatives, which are held for their
long-term cash flows, over the life of a project. In addition, the
Corporation uses foreign exchange forward contracts to hedge its
net investment in its French subsidiaries. Management therefore
believes realized gains (losses) on such contracts do not reflect
the operations of Innergex.
Innergex believes that the presentation of this measure enhances
the understanding of the Corporation's operating performance.
Adjusted Net (Loss) Earnings is used by investors to evaluate and
compare Innergex's profitability before the impacts of the
unrealized portion of the change in fair value of derivative
financial instruments and other items that are outside of the
normal course of the Corporation's cash generating operations.
Readers are cautioned that Adjusted Net Loss should not be
construed as an alternative to net earnings, as determined in
accordance with IFRS. Please refer to the section 3 - Adjusted Net
Loss section of the MD&A for reconciliation of the Adjusted Net
Loss.
Below is a reconciliation of Adjusted Net Loss to its closest
IFRS measure:
|
Three months ended
March 31
|
|
2023
|
2022
|
|
|
|
Net earnings
(loss)
|
(13,036)
|
(34,930)
|
Add
(Subtract):
|
|
|
Share of unrealized
portion of the change in fair value of financial instruments of
joint ventures and associates, net of related income tax
|
(124)
|
(660)
|
Unrealized portion of
the change in fair value of financial instruments
|
344
|
40,785
|
Realized gain on
foreign exchange forward contracts
|
(33)
|
(487)
|
Income tax recovery
related to above items
|
(1,065)
|
(7,044)
|
Adjusted Net
loss
|
(13,914)
|
(2,336)
|
Free Cash Flow and Payout Ratio
References to "Free Cash Flow" are to cash flows from operating
activities before changes in non-cash operating working capital
items, less prospective projects expenses, maintenance capital
expenditures net of proceeds from disposals, scheduled debt
principal payments, the portion of Free Cash Flow attributed to
non-controlling interests, and preferred share dividends declared,
plus or minus other elements that are not representative of the
Corporation's long-term cash-generating capacity, such as gains and
losses on the Phoebe basis hedge due to their limited occurrence,
realized gains and losses on contingent considerations related to
past business acquisitions, transaction costs related to realized
acquisitions, expenses related to the implementation of a
cloud-based Enterprise Resource Planning solution, realized losses
or gains on refinancing of certain borrowings or derivative
financial instruments used to hedge the interest rate on certain
borrowings or the exchange rate on equipment purchases, and tax
payments related to fiscal strategies for the purpose of improving
the long-term cash generating capacity of Innergex. Free Cash Flow
is a measure of the Corporation's ability to sustain current
dividends as well as its ability to fund its growth from its cash
generating operations, in the normal course of business.
Innergex believes that the presentation of this measure enhances
the understanding of the Corporation's cash generation
capabilities, its ability to sustain current dividends and its
ability to fund its growth. Free Cash Flow is used by investors in
this regard. Readers are cautioned that Free Cash Flow should not
be construed as an alternative to cash flows from operating
activities, as determined in accordance with IFRS. Please refer to
the section 4- Free Cash Flow and Payout Ratio section of the
MD&A for the reconciliation of Free Cash Flow.
References to "Payout Ratio" are to dividends declared on common
shares divided by Free Cash Flow. Innergex believes that this is a
measure of its ability to sustain current dividends as well as its
ability to fund its growth. Payout Ratio is used by investors in
this regard.
Free Cash Flow and
Payout Ratio calculation
|
Trailing twelve months
ended March 31
|
2023
|
2022
|
|
|
|
Cash flows from
operating activities1
|
398,690
|
290,386
|
Add (Subtract) the
following items:
|
|
|
Changes in non-cash
operating working capital items
|
6,807
|
47,411
|
Prospective projects
expenses
|
25,218
|
25,598
|
Maintenance capital
expenditures, net of proceeds from disposals
|
(15,688)
|
(7,719)
|
Scheduled debt
principal payments
|
(158,412)
|
(163,323)
|
Free Cash Flow
attributed to non-controlling interests2
|
(26,489)
|
(34,297)
|
Dividends declared on
Preferred shares
|
(5,632)
|
(5,632)
|
Chile portfolio
refinancing - hedging impact3
|
3,660
|
—
|
Add (subtract) the
following specific items4:
|
|
|
Realized (gain) loss
on termination of interest rate swaps3
|
(71,735)
|
(377)
|
Realized (gain) loss
on termination of foreign exchange forwards5
|
(43,458)
|
—
|
Principal and interest
paid related to pre-acquisition period
|
1,312
|
—
|
Acquisition and
integration costs
|
21,413
|
6,744
|
Realized gain on the
Phoebe basis hedge
|
—
|
(3,745)
|
Free Cash
Flow
|
135,686
|
155,046
|
|
|
|
Dividends declared on
common shares
|
146,973
|
137,517
|
Payout Ratio
|
108 %
|
89 %
|
1.
|
Cash flows from
operating activities for the trailing twelve months ended March 31,
2022 include the one-time BC Hydro Curtailment Payment received
during the first quarter of 2022.
|
2.
|
The portion of Free
Cash Flow attributed to non-controlling interests is subtracted,
regardless of whether an actual distribution to non-controlling
interests is made, in order to reflect the fact that such
distributions may not occur in the period they are
generated.
|
3.
|
The Free Cash Flow for
the trailing twelve months ended March 31, 2023 excludes the
$71.7 million realized gain on settlement of the interest rate
hedges entered into to manage the Corporation's exposure to the
risk of increasing interest rates during the negotiations
surrounding the refinancing of the non-recourse debt assumed in the
Aela Acquisition and at Innergex's existing Chilean projects.
Instead, the gain is amortized in the Free Cash Flow using the
effective interest rate method over the period covered by the
unwound hedging instruments.
|
4.
|
These items are
excluded from the Free Cash Flow and Payout Ratio calculations as
they are deemed not representative of the Corporation's long-term
cash-generating capacity, and include items such as gains and
losses on the Phoebe basis hedge due to their limited occurrence
(maturity attained on December 31, 2021), realized gains and losses
on contingent considerations related to past business acquisitions,
transaction costs related to realized acquisitions, realized losses
or gains on refinancing of certain borrowings or derivative
financial instruments used to hedge the interest rate on certain
borrowings or the exchange rate on equipment purchases, and tax
payments related to fiscal strategies for the purpose of improving
the long-term cash generating capacity of Innergex.
|
5.
|
The Free Cash Flow for
the trailing twelve months ended March 31, 2023 excludes the $43.5
million realized gain on settlement of the foreign exchange forward
contracts concurrent with the closing of the French
Acquisition.
|
ADDITIONAL INFORMATION
Innergex's 2023 first quarter
condensed interim consolidated financial statements, the notes
thereto and the Management's Discussion and Analysis can be
obtained on SEDAR at www.sedar.com and in the "Investors" section
of the Corporation's website at www.innergex.com.
ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
The
Corporation will hold its Annual and Special Meeting of
Shareholders in a virtual format on Tuesday,
May 9, 2023 at 4 PM (EDT). The
Meeting can be accessed by dialing 1 800 715-9871 or via
https://bit.ly/3KD8I4H or the Corporation's website at
www.innergex.com. Only shareholders, via the webcast online, will
be able to submit questions during the Meeting.
CONFERENCE CALL AND WEBCAST
The Corporation will hold
a conference call and webcast on Wednesday,
May 10, 2023 at 9 AM (EDT).
Investors and financial analysts are invited to access the
conference by dialing 1 888 390-0605 or 416 764-8609 or
via https://bit.ly/3ZNKVU3 or the Corporation's website
at www.innergex.com. Journalists, as well as the public, can access
this conference call via a listen mode only. A replay of the
conference call will be available after the event on the
Corporation's website.
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 87
operating facilities with an aggregate net installed capacity of
3,696 MW (gross 4,245 MW) and an energy storage capacity of
159 MWh, including 40 hydroelectric facilities, 35 wind facilities,
11 solar facilities and 1 battery energy storage
facility. Innergex also holds interests in 12 projects under
development with a net installed capacity of 709 MW (gross 747 MW)
and an energy storage capacity of 605 MWh, 5 of which are
under construction, as well as prospective projects at different
stages of development with an aggregate gross installed capacity
totaling 8,883 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 growth targets, power
production, prospective projects, successful development,
construction and financing (including tax equity funding) of the
projects under construction and the advanced-stage prospective
projects, sources and impact of funding, project acquisitions,
execution of non-recourse project-level financing (including the
timing and amount thereof), and strategic, operational and
financial benefits and accretion expected to result from such
acquisitions, business strategy, future development and growth
prospects (including expected growth opportunities under the
Strategic Alliance with Hydro-Québec), business integration,
governance, 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 targeted
production, the estimated targeted revenues, targeted Revenues
Proportionate, targeted Adjusted EBITDA and targeted Adjusted
EBITDA Proportionate, targeted Free Cash Flow, targeted Free Cash
Flow per Share and intention to pay dividend quarterly, the
estimated project size, costs and schedule, including obtainment of
permits, start of construction, work conducted and start of
commercial operation for Development Projects and Prospective
Projects, the Corporation's intent to submit projects under
Requests for Proposals, the qualification of U.S. projects for PTCs
and ITCs and other statements that are not historical facts. Such
information is intended to inform readers of the potential
financial impact of expected results, of the expected commissioning
of Development Projects, of the potential financial impact of
completed and future acquisitions and of the Corporation's ability
to sustain current dividends and to fund its growth. Such
information may not be appropriate for other purposes.
Forward-Looking Information is based on certain key assumptions
made by the Corporation, including, without restriction, those
concerning hydrology, wind regimes and solar irradiation;
performance of operating facilities, acquisitions and commissioned
projects; project performance; availability of capital resources
and timely performance by third parties of contractual obligations;
favourable market conditions for share issuance to support growth
financing; favourable economic and financial market conditions; the
Corporation's success in developing and constructing new
facilities; successful renewal of PPAs; sufficient human resources
to deliver service and execute the capital plan; no significant
event occurring outside the ordinary course of business such as a
natural disaster, pandemic or other calamity; continued maintenance
of information technology infrastructure and no material breach of
cybersecurity.
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 Management's Discussion and Analysis for the three
months ended March 31, 2023.
SOURCE Innergex Renewable Energy Inc.