Innergex begins commercial operation of Phase II of Gros-Morne wind farm in
Quebec - Gros-Morne becomes the largest wind farm in Canada
LONGUEUIL, QC, Nov. 6, 2012 /CNW Telbec/ - Innergex Renewable Energy Inc.
(TSX:INE) ("Innergex" or the "Corporation") has begun commercial operation
of Phase II of the Gros-Morne wind farm, located in the municipalities of
Saint-Maxime-du-Mont-Louis and Sainte-Madeleine-de-la-Rivière-Madeleine, in
the Gaspé Peninsula of Quebec, Canada.
"The commissioning of Phase II of Gros-Morne completes Cartier Wind Energy's
development program, which encompasses 589.5MW of gross installed wind
energy capacity in Quebec. We are very proud of this achievement, and we are
also very grateful to the local host communities for their continued support",
declares Mr. Michel Letellier, President and Chief Executive Officer of the
Corporation. Innergex owns a 38% interest and a 50% management stake in
Cartier Wind Energy.
Gros-Morne is the last project awarded to Cartier Wind Energy under the 1,000
MW Request for Proposals announced by Hydro-Quebec in 2004, which called for
at least 60% of total investments to be made locally. Mr.Letellier adds that
"this first request for proposals became the founding block of the wind energy
industry in Quebec, and Innergex is particularly proud of having been able to
contribute to its development and to the economic prosperity of the Gaspé
region." In fact, Cartier Wind Energy has committed to making contributions
totalling $15.0M over 20years to the municipalities in which its projects
Phase II of the Gros-Morne wind farm comprises 74wind turbines with a total
installed capacity of 111.0MW and an estimated yearly energy output of
341,135MWh, enough to power more than 20,000 Quebec homes each year. It is
expected to produce revenues for Innergex of approximately $9.0M in its first
full year of operation. Following the commissioning of Phase II, Gros-Morne
will hereafter be referred to as one wind farm with a total gross installed
capacity of 211.5 MW and an expected average annual production of
650,000MWh. All of the electricity produced is sold to Hydro-Quebec under a
power purchase agreement which provides for an annual adjustment to the
selling price based on a portion of the Consumer Price Index, and which
expires in November2032.
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 28 operating facilities with an aggregate net installed capacity
of 577MW (gross 1,031MW), including 22 hydroelectric operating facilities,
five wind farms, and one solar photovoltaic farm; (ii) interests in eight
projects under development or under construction with an aggregate net
installed capacity of 188MW (gross 263MW), 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
Phase II of the Gros-Morne wind 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 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.
Marie-Josée Privyk, CFA Director - Investor Relations Innergex Renewable
Energy Inc. Tel.: 450-928-2550, ext. 222 email@example.com
SOURCE: INNERGEX RENEWABLE ENERGY INC.
To view this news release in HTML formatting, please use the following URL:
CO: INNERGEX RENEWABLE ENERGY INC.
-0- Nov/06/2012 12:00 GMT
Press spacebar to pause and continue. Press esc to stop.