Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce the signing of two 25-year power purchase agreements that provide a fixed price with the Hawaiian Electric Company, Inc. ("Hawaiian Electric") for the electricity to be produced at the Barbers Point and Kahana solar and battery energy storage projects. Both projects have a proposed commercial operation date of 2023. The agreements are subject to approval by the Public Utilities Commission of Hawaii.
"We are excited to move forward on these two new solar and battery energy storage projects in Hawaii. The energy storage market is not only promising, it is paving the way to a sustainable and reliable renewable energy powered future," said Michel Letellier, President and Chief Executive Officer of Innergex. "Energy storage technologies have improved significantly over the recent years, and it is changing the way utilities can service their customers. With four solar and energy storage projects under development in Hawaii, we are committed to becoming a strong partner in managing the renewable energy needs of Hawaiian Electric."
The two 25-year power purchase agreements are for dispatchable energy, allowing Hawaiian Electric to dispatch the facilities as they deem appropriate to maintain grid stability and maximise renewable energy use on Oahu and Maui islands.
The Barbers Point solar project is a 15 MW facility with 4-hour (60 MWh) of battery energy storage that will be located on the island of Oahu, while the Kahana solar project is a 20 MW facility with 4-hour (80 MWh) of battery energy storage to be located on the island of Maui.
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 ten projects under development, three 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.
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, including, but not limited to, Innergex's business strategy, use of proceeds of the Private Placement; future
development and growth prospects (including expected growth opportunities under the Strategic Alliance), business outlook, objectives,
plans and strategic priorities, and other statements that are not historical facts ("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 state
that certain events will or will not occur. It represents the estimates, projections and expectations of the Corporation relating to future
events, results or developments 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, such
as expected production, projected revenues and projected Free Cash Flow, to inform readers of the potential financial impact of expected
results, of the expected commissioning of the Corporation's development projects, of the potential financial impact of pending, 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.
Since forward-looking statements address future events and conditions, they are by their very nature subject to inherent risks and
uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include,
but are not limited to, the risks associated with the renewable energy industry in general such as execution of strategy; ability to develop
projects on time and within budget; capital resources; derivative financial instruments; qualification for PTCs and ITCs; current economic
and financial conditions; hydrology and wind regimes, solar irradiation; construction, design and development of new facilities;
performance of existing projects; equipment failure; interest rate and refinancing risk; currency exchange rates, variation in merchant price
of electricity, financial leverage and restrictive covenants; and relationships with public utilities. Readers are cautioned that the foregoing
list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of
Innergex are included in Innergex's annual information form available on SEDAR at www.sedar.com.
To combat the spread of the COVID-19, authorities in all regions where we operate have put in place restrictive measures for businesses.
However, these measures have not impacted the Corporation in a material way to date as electricity production has been deemed essential
service in every region where we operate. Our renewable power production is sold mainly through PPAs to solid counterparts. It is not
excluded that current or future restrictive measures might have an adverse effect on the financial stability of the Corporation's suppliers
and other partners, or on the Corporation's operating results and financial position. The issuance of permits and authorizations,
negotiations and finalizations of agreements with regards to development and acquisition projects, construction activities and procurement
of equipment could be adversely impacted by the COVID-19 restrictive measures.
Forward-Looking Information in this press release is based on certain key expectations and assumptions made by the Corporation. The
following table outlines Forward-Looking Information contained in this press release, the principal assumptions used to derive this
information and the principal risks and uncertainties that could cause actual results to differ materially from this information.
May 13, 2024
