Innergex welcomes Minister Bentley at official inauguration of its Stardale
LONGUEUIL, QC, Oct. 4, 2012 /CNW Telbec/ - Innergex Renewable Energy Inc.
(TSX:INE) ("Innergex" or the "Corporation") today celebrated the
inauguration of its Stardale solar farm during an official ceremony with the
Honourable Chris Bentley, Minister of Energy for the Government of Ontario,
Grant Crack, MPP for Glengarry-Prescott-Russell, Robert Kirby, Mayor of East
Hawkesbury Township, and Michel Letellier, President and CEO of Innergex.
As Innergex's first solar farm, the commissioning of Stardale marks the
Corporation's entry into the solar energy sector and furthers the
diversification of its activities.
Mr. Michel Letellier explained that "the expansion into solar energy
corresponds perfectly with our strategy to focus exclusively on renewable
energy sources and enhance our portfolio of assets through diversification.
Solar technology is proven and the sun provides for a stable and predictable
source of energy which complements our wind and hydroelectric facilities."
During construction of the project, over 166,000 person-hours were recorded
and employment peaked at 185men and women. Today, Stardale produces enough
electricity to power more than 3,200 Ontario homes each year.
During the ceremony, Mr. Letellier applauded the Ontario government's vision
and bold actions to develop and procure clean energy for the province. Solar
energy, like all renewable forms of energy, represents an attractive
alternative to fossil fuel energy sources in the continued efforts to reduce
GHG emissions and protect the environment for future generations.
Innergex has six other potential solar projects totalling 59MW(DC) which
have been submitted under the Ontario FIT Program. The Corporation is
currently reviewing each project's suitability for submission under the
program's revised rules, which were finalized last August. Innergex is also
advancing a number of additional prospective solar projects in view of
submitting them pursuant to a future FIT application period, as determined by
the Ontario Power Authority.
About the Stardale Solar Farm
The Stardale solar farm comprises approximately 144,000 SolarWorld
polycrystalline photovoltaic modules and 54inverters over a 300 acre
surface, for a total installed capacity of 33.2 MW(DC) (27 MW(AC)) and an
estimated annual energy output of 39,000 MWh. All of the electricity produced
by Stardale is sold to the Ontario Power Authority under three 20-year
Renewable Energy Standard Offer Program contracts.
The total cost of the project, estimated at $141.7M, was financed in part with
$117.3M of fixed-rate project-level debt, with Bank of Tokyo Mitsubishi UFJ,
Ltd. acting as lead arranger and administrative agent for a syndicate of banks.
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
Forward-Looking Information Disclaimer
This press release contains forward-looking information within the meaning of
securities legislation. All information and statements other than statements
of historical facts contained in this press release are forward-looking
information. Such statements and information may be identified by looking for
words such as "about", "approximately", "may", "believes", "expects", "will",
"intend", "should", "plan", "predict", "potential", "project", "anticipate",
"estimate", "continue" or similar words or the negative thereof or other
comparable terminology. Such forward-looking information includes, without
limitation, statements with respect to power generation, growth prospects,
power purchase agreement, business strategy and plans and objectives of or
The forward-looking information includes forward-looking financial information
or financial outlook to inform investors of the potential financial impact of
the Stardale solar farm on the Corporation's results. Such information may not
be appropriate for other purposes.
The forward-looking information is based on certain key expectations and
assumptions made by Innergex as of the date of this press release, including
expectations and assumptions concerning performance of the operating facility,
estimates, forecasts and opinions of the Corporation. Although Innergex
believes that the expectations and assumptions on which such forward-looking
information is based are reasonable, undue reliance should not be placed on
the forward-looking information since no assurance can be given that they will
prove to be correct. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These include, but
are not limited to, execution of strategy, capital resources, derivative
financial instruments, hydrology, wind, and solar regimes, energy generation,
equipment failure, performance of third-party suppliers and other risks
generally attributable to the business of Innergex. For additional
information with respect to risks and uncertainties, refer to the Annual
Information Form of Innergex filed on SEDAR's website at www.sedar.com. The
forward-looking information contained herein is made as of 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 required by legislation.
For additional information, please contact: Marie-Josée Privyk, CFA Director
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Media relations: Laura Fracassi Sussex Strategy Group 416-644-4757
SOURCE: INNERGEX RENEWABLE ENERGY INC.
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-0- Oct/04/2012 16:30 GMT
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