LONGUEUIL, QC, Feb. 21,
2024 /CNW/ - Innergex Renewable Energy Inc. (TSX:
INE) ("Innergex" or the "Corporation") announces that it has
received approval from the Toronto Stock Exchange ("TSX") to
proceed with its normal course issuer bid on its common shares
("Common shares") (the "Bid").
Under the Bid, the Corporation may purchase for cancellation as
follows:
Name of the
share
|
Ticker
|
Issued and
outstanding shares as
at February 8, 2024
|
% of issued and
outstanding
shares
|
Maximum number
of
shares subject to
purchase
|
Common
shares
|
INE
|
204,401,736
|
5 %
|
10,220,086
|
The Bid will commence on February 26,
2024 and will terminate on February
25, 2025.
During the last six months, the average daily trading volume on
the TSX of the Corporation's Common shares was 606,990.
Consequently, in accordance with the policies of the TSX, the
Corporation will have the right to repurchase, during anyone
trading day, a maximum of 151,747 Common shares, representing 25%
of the average daily trading volume. In addition, the Corporation
will be allowed to make, once per calendar week, a block purchase
(as defined in the TSX Company Manual) of Common shares not
directly or indirectly owned by insiders of the Corporation, in
accordance with the policies of the TSX.
Purchases will be made on behalf of the Corporation by a
registered broker through the facilities of the TSX or through
Canadian alternative trading systems at prevailing market
prices.
The Corporation believes that the market price of its Common
shares may, from time to time, not reflect the inherent value of
the Corporation and that purchases of its Common shares pursuant to
the Bid, may represent an appropriate and desirable use of the
Corporation's funds. Therefore, the Corporation believes that it is
in its best interest to proceed with this Bid. The Corporation has
not purchased any Common shares within the past 12 months.
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 87 operating facilities with an aggregate net installed capacity
of 3,600 MW (gross 4,234 MW) and an energy storage capacity of 409
MWh, including 41 hydroelectric facilities, 35 wind facilities, 9
solar facilities and 2 battery energy storage facilities. Innergex
also holds interests in 10 projects under development with a net
installed capacity of 728 MW (gross 826 MW) and an energy storage
capacity of 295 MWh, 4 of which are under construction, as well as
prospective projects at different stages of development with an
aggregate gross installed capacity totaling 10,071 MW. Its approach
to building shareholder value is to generate sustainable cash flows
and provide an attractive risk-adjusted return on invested
capital.
To learn more, visit innergex.com or connect with us on
LinkedIn.
Forward-looking information disclaimer
This press release contains forward-looking information within
the meaning of applicable securities laws ("Forward-Looking
Information"). All information and statements other than statements
of historical facts contained in this press release is
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 states that certain events will or will
not occur, such as the possible purchase by the Corporation of its
common shares under the Bid.
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-month periods ended December 31,
2023.
Although the Corporation believes that the expectations and
assumptions on which Forward-Looking Information is based are
reasonable under the current circumstances, readers are cautioned
not to rely unduly on this Forward-Looking Information, since no
assurance can be given that it will prove to be correct.
Forward-Looking Information contained herein is made as at the date
of this Press Release and the Corporation 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 legislation.
Innergex Renewable Energy Inc.
www.innergex.com
SOURCE Innergex Renewable Energy Inc.