- Long-term partnership between Innergex and Crédit Agricole
Assurances regarding Innergex's assets and development portfolio in
France
- Funding commitments from the partners to accelerate the
development of wind and solar projects in France
LONGUEUIL, QC, Oct. 26,
2023 /CNW/ - Innergex Renewable Energy Inc.
(TSX: INE) ("Innergex" or the "Corporation") and Crédit Agricole
Assurances, in connection with Crédit Agricole Centre-Est, are
pleased to announce they have completed the previously announced
long-term partnership. The partnership allows Crédit Agricole
Assurances to gain a 30% minority interest in Innergex's portfolio
in France, representing a €129.5
million (CAN$188.8 million) investment. The proceeds are used to
reduce Innergex's revolving credit facilities and to fund the
Corporation's development activities over the coming years.
The long-term co-investment agreement with France's leading insurer will support
Innergex's development strategy and growth in France by providing additional equity
commitment for the development and financing of ongoing projects at
various stages of development.
Michel Letellier, President and
Chief Executive Officer of Innergex, said: "We are excited to have
found with Crédit Agricole Assurances a partner as committed as we
are to support the French administration in their energy transition
endeavours. As we embark on this journey with Crédit Agricole
Assurances, we look forward to exploring possible synergies in both
development initiatives and community engagement. As Innergex's
growth will continue to be driven primarily by greenfield
development, this partnership is one of our solutions aiming at
creating more liquidity to fund our growth."
Philippe Dumont, CEO of Crédit
Agricole Assurances, said: "We're proud to announce this new
partnership in favour of the energy transition. This investment in
Innergex France, a high-potential French renewable platform and a
subsidiary of a leading pure play renewable group with a proven
track record, is fully in line with Crédit Agricole Group's climate
commitments. This operation will also contribute to Crédit Agricole
Assurances' objectives to increase its investments in renewable
energies and reach a 14 GW installed capacity by 2025."
The partnership between Innergex and Crédit Agricole Assurances
was announced on August 7, 2023,
subjected to customary closing conditions.
Transaction highlights
- Investment of €129.5 million (CAN$188.8 million) by Crédit
Agricole Assurances
- Proceeds from Crédit Agricole Assurances will be used to reduce
Innergex's revolving credit facilities and to fund the
Corporation's development activities over the coming years
- 17 operating assets totalling 324 MW of wind energy and 9 MW /
9 MWh of storage capacity, as well as a large portfolio of projects
at various stages of development
- Existing energy production of 691 GWh per year
- Enterprise value of Innergex France estimated at €715.2 million
(CAN$1,042.4 million) including €22.2 million (CAN$32.4 million) of
cash on hand
- Innergex's team will continue to lead the management of the
entire value chain from development to construction and
operation
About Crédit Agricole
Assurances
Crédit Agricole Assurances, France's largest insurance Group, unites
together Crédit Agricole's insurance subsidiaries. The Group offers
a range of savings, retirement, health, personal protection and
property insurance products and services. They are distributed by
the Crédit Agricole's banks in France and in nine other countries around the
world by financial advisers and multi-line insurance agents. The
Crédit Agricole Assurances companies serve individuals,
professionals, farmers and businesses. Crédit Agricole Assurances
has 5,700 employees. Its premium income at the end of 2022 amounted
to €35.3 billion (IFRS).
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, which led to Innergex being recognized
as Canada's best corporate
citizens in 2023 by Corporate Knights. 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 85 operating facilities with an aggregate net installed capacity
of 3,579 MW (gross 4,226 MW) and an energy storage capacity of 159
MWh, including 40 hydroelectric facilities, 35 wind
facilities, 9 solar facilities and 1 battery energy storage
facility. Innergex also holds interests in 13 projects under
development with a net installed capacity of 747 MW (gross 849 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 totalling
9,352 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.
To learn more, visit innergex.com or connect with us
on LinkedIn.
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, 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
Free Cash Flow and other statements that are not historical facts.
Such information is intended to inform readers of the potential
financial impact of completed transactions. 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 wind regimes and performance of operating
facilities.
www.innergex.com
www.ca-assurances.com
SOURCE Innergex Renewable Energy Inc.