March 28, 2024
Global Renewable News

INNERGEX
Innergex Begins Commercial Operation of the 40.6 MW Big Silver Creek Hydroelectric Facility

August 25, 2016

Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") has begun commercial operation of the 40.6 MW Big Silver Creek run-of-river hydroelectric facility located in British Columbia.

"We are proud to have commissioned our 43rd facility, reinforcing our leadership position among independent power producers in British Columbia and in Canada, with a gross installed capacity totalling 1,359 MW" stated Michel Letellier, President and Chief Executive Officer of the Corporation.

The 40.6 MW Big Silver Creek hydroelectric facility is located on private land, approximately 40 km north of Harrison Hot Springs, British Columbia. Construction began in June 2014 and was completed in July 2016, earlier than expected and within the budget. The COD certificate has been approved by BC Hydro with an effective commissioning date of July 29, 2016.

Big Silver Creek's average annual production is estimated to reach 139 800 MWh, enough to power more than 12,700 households. In its first full year of operation, it is expected to generate revenues and Adjusted EBITDA of circa $18.0 million and $15.0 million respectively. All of the electricity it produces is covered by a 40-year fixed-price power purchase agreement with BC Hydro, which was obtained under that province's 2008 Clean Power Call Request for Proposals and which provides for an annual adjustment to the selling price based on a portion of the Consumer Price index.

About Innergex Renewable Energy Inc.

Innergex Renewable Energy Inc. (TSX: INE) is a leading Canadian independent renewable power producer. Active since 1990, 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, British Columbia, Idaho, USA, and France. Its portfolio of assets currently consists of: (i) interests in 43 operating facilities with an aggregate net installed capacity of 817 MW (gross 1,359 MW), including 29 hydroelectric operating facilities, 13 wind farms, and one solar photovoltaic farm; (ii) interests in three projects under development or under construction with an aggregate net installed capacity of 146 MW (gross 257 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totaling 3,280 MW (gross 3,530 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"). 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 Big Silver Creek hydroelectric facility. 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.


Click here to read the full press release.

For more information

Innergex
1225, rue Saint-Charles Ouest, 10e étage
Longueuil Quebec
Canada J4K 0B9
www.innergex.com


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