Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce the commissioning on December 1, 2017 of the Rougemont-2 (44.5 MW) wind farm located in Bourgogne-Franche-Comté, France. Construction was already under way at the time of the acquisition on May 24, 2017. Innergex has a 69.55% interest in the wind farm and Desjardins Group Pension Plan owns the remaining 30.45%.
"Innergex is pleased to see another project come to fruition, on time and on budget, with this commissioning. We now have 317 MW in operation in France. We will continue to vigorously pursue development and acquisition opportunities and leverage our upcoming acquisition of Alterra Power Corp. to help grow our already impressive portfolio of assets," said Michel Letellier, President and Chief Executive Officer of Innergex.
Rougemont-2 average annual production is estimated to reach 100,340 MWh, enough to power approximately 21,400 French households. In its first full year of operation, the wind farm is expected to generate revenues and Adjusted EBITDA of approximately 8.4 million (or C$12.4 million) and 6.5 million (or C$9.6 million), respectively. All the electricity produced by Rougemont-2 is sold to Electricité de France (EDF) under an initial 15-year power purchase agreement (PPA) at fixed price of which a portion is adjusted according to inflation indexes.
About Desjardins Group Pension Plan
The mission of the Desjardins Group Pension Plan, acting through its Retirement Committee, is to provide a defined benefit pension plan to more than 60,000 beneficiaries. With more than $12 billion in net assets under management, it is one of the largest private pension plan in Canada. As at the end of December 2016, the equity value of Desjardins Group Pension Plan's infrastructure portfolio was close to $1.5 billion. About half of its investments are in the renewable energy infrastructure sector with interests in 43 operating facilities and an aggregate installed capacity of 2,345 MW, including 9 hydroelectric facilities, 25 wind farms and 9 solar farms.
About Innergex Renewable Energy Inc.
The Corporation develops, owns and operates run-of-river hydroelectric facilities, wind farms and solar photovoltaic farms and carries out its operations in Quebec, Ontario and British Columbia, Canada, France and Idaho, USA. Its portfolio of assets currently consists of interests in 54 operating facilities with an aggregate net installed capacity of 1,124 MW (gross 1,845 MW), including 31 hydroelectric facilities, 22 wind farms and one solar farm; and prospective projects with an aggregate net capacity totalling 3,560 MW (gross 3,940 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P. The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.
Non-IFRS measures disclaimer
Readers are cautioned that Adjusted EBITDA is not a measure recognized by IFRS and has no standardized meaning prescribed by it, and therefore may not be comparable to those presented by other issuers. Innergex believes that this indicator is important, as it provides management and the reader with additional information about its cash generation capabilities and facilitates the comparison of results over different periods. References in this press release to "Adjusted EBITDA" are to revenues less operating expenses, general and administrative expenses and prospective project expenses. Readers are cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings as determined in accordance with IFRS.
Forward-Looking Information Disclaimer
In order 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, but not limited to, statements relating to the anticipated completion of the Alterra Transaction and timing for such completion, sources and impact of funding of the Alterra Transaction, and strategic, operational and financial benefits and accretion expected to result from the Alterra Transaction. Forward-Looking Information can generally be identified by the use of words such as "projected", "potential", "expect", "will", "should", "estimate", "forecasts", "intends", or other comparable terminology that states that certain events will or will not occur. It represents the estimates and expectations of the Corporation relating to future results and developments as of the date of this press release. It includes future-oriented financial information, such as expected production, revenues and Adjusted EBITDA, to inform readers of the potential financial impact of the Vaite and Rougemont-1 wind farms. Such information may not be appropriate for other purposes.
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.
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CONTACT
Karine Vachon
Director - Communications
450 928-2550, ext. 1222
kvachon@innergex.com
For more information
Innergex énergie renouvelable inc. 1225, rue Saint-Charles Ouest, 10e étage
Longueuil Quebec
Canada J4K 0B9
www.innergex.com/en
