LONGUEUIL, QC, Oct. 1, 2012 /CNW Telbec/ - Innergex Renewable Energy Inc.
(TSX:INE) ("Innergex" or the "Corporation") announces that it has terminated
its agreement with Finavera Wind Energy(TSX-V:FVR)to acquire its 77MW
Wildmare wind energy project located in British Columbia, Canada.
Despite the efforts of both parties, several conditions of closing were not
met by the prescribed closing date of September 30, 2012. The Corporation
considers each of these conditions to be essential to the successful
completion of the project. After careful consideration, the Corporation has
decided not to extend the closing date because it strongly believes that doing
so would not change the outcome within an acceptable period of time.
Therefore, it has opted to terminate the purchase and sale agreement.
About Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc. (TSX: INE) is a leading Canadian independent
renewable power producer. Active since 1990, the Company 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, and Idaho, USA. Its portfolio of assets currently consists of: (i)
interests in 26 operating facilities with an aggregate net installed capacity
of 494MW (gross 880MW), including 20 hydroelectric operating facilities,
five wind farms, and one solar photovoltaic farm; (ii) interests in 9 projects
under development or under construction with an aggregate net installed
capacity of 231MW (gross 374MW), for which power purchase agreements have
been secured; and (iii) prospective projects with an aggregate net capacity
totaling 2,904 MW (gross 3,127MW). Innergex Renewable Energy Inc. is rated
BBB- by S&P and BBB (low) by DBRS.
The Corporation's strategy for building shareholder value is to develop or
acquire high-quality facilities generating sustainable cash flows and
providing a high return on invested capital, and to distribute a stable
Marie-Josée Privyk, CFA Director - Investor Relations 450-928-2550, ext. 222
SOURCE: INNERGEX RENEWABLE ENERGY INC.
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CO: INNERGEX RENEWABLE ENERGY INC.
ST: British Columbia
-0- Oct/01/2012 12:02 GMT
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