Innergex and the Rivière-du-Loup RCM announce the commissioning of the 24.6
MW Viger-Denonville wind farm
-- First project from the 2009 community call for power to be
-- Electricity to power approximately 4,000 Quebec households each
-- Commissioning completed on time and on budget
LONGUEUIL, QC, Nov. 19, 2013 /CNW Telbec/ - Innergex Renewable Energy Inc.
(TSX:INE) ("Innergex" or the "Corporation") and the Rivière-du-Loup
Regional County Municipality ("RCM") announce the commissioning of the
24.6MW Viger-Denonville wind farm located in Quebec, Canada.
"Commissioning this wind farm is a source of great pride for the Rivière-du
Loup RCM. It is the result of great teamwork and the realization of a vision
for the development of our region. During its operation, this wind farm is
expected to generate direct financial benefits totalling approximately
$22.0million over 20 years for the 12shareholder-municipalities", declares
Michel Lagacé, Warden of the RCM.
"As manager and co-owner of the Viger-Denonville wind farm, we are very
pleased to have realized this project in partnership with the Rivière-du-Loup
RCM", states Michel Letellier, President and Chief Executive Officer of the
Corporation. "This marks the first project from the 250 MW in wind energy from
community projects awarded by Hydro-Quebec in 2009 to reach commissioning",
adds Mr. Letellier.
Developed by Parc éolien communautaire Viger-Denonville, s.e.c., a joint
venture owned 50/50 by the Corporation and the Rivière-du-Loup RCM, the
24.6MW Viger-Denonville wind farm comprising 12 wind turbines is located
entirely on private lands in the Quebec municipalities of
Saint-Paul-de-la-Croix and Saint-Épiphane. Construction began in the spring
of 2013 and was completed in early November, on time and on budget, notably as
a result of the exceptional work and active collaboration of the turbine
manufacturer Repower Systems Inc., the engineering, procurement and
construction contractor Boréa Construction, and the project team. The wind
farm's average annual production is estimated to reach 67,600MWh, enough to
power approximately 4,000Quebec households each year. In its first full year
of operation, it is expected to generate revenues and Adjusted EBITDA of
approximately $10.3million and $8.4million respectively. All of the
electricity it will produce is covered by a 20-year fixed-price power purchase
agreement with Hydro-Québec obtained under that province's 2009 Request for
Proposals and providing for an annual adjustment to the selling price based on
a portion of the Consumer Price Index.
About the Rivière-du-Loup RCM
The Rivière-du-Loup RCM is an autonomous supranational organization created
more than 30 years ago. Its administrative boundaries cover an area of
1,265.45 km(2) comprising 13 local municipalities and a population of 34,299
people. Over the years, new legal and administrative responsibilities have
been added to its original mandate of land use planning, such that today the
MRC has become an essential actor in the economic, social and cultural
development of the territory.
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 and
British Columbia and in Idaho, USA. Its portfolio of assets currently consists
of: (i) interests in 30 operating facilities with an aggregate net installed
capacity of 629MW (gross 1,096MW), including 23 hydroelectric operating
facilities, six wind farms, and one solar photovoltaic farm; (ii) interests in
seven projects under development or under construction with an aggregate net
installed capacity of 252MW (gross 388MW), for which power purchase
agreements have been secured; and (iii) prospective projects with an aggregate
net capacity totaling 2,900 MW (gross 3,125MW). Innergex Renewable Energy
Inc. is rated BBB- by S&P and BB (high) by DBRS (unsolicited rating).
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
Non-IFRS Measures Disclaimer
Investors are cautioned that Adjusted EBITDA is not a measure recognized by
IFRS and has no 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 to "Adjusted EBITDA"
are to operating revenues less operating expenses, general and administrative
expenses and prospective project expenses. Investors are cautioned that this
non-IFRS measure should not be construed as an alternative to net earnings as
determined in accordance with IFRS.
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
The forward-looking information includes forward-looking financial information
or financial outlook, within the meaning of securities laws, such as the
estimated electricity production, operating revenues and Adjusted EBITDA to
inform investors of the potential financial impact of the Viger-Denonville
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 the facility, as well
as 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 changes in wind regimes, variability of project performance
and related penalties, equipment failure, 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.
SOURCE Innergex Renewable Energy Inc.
Marie-Josée Privyk, CFA, SIPC Director - Investor Relations 450928-2550,
ext. 222 email@example.com www.innergex.com
Media relations: Julie Boudreau Director - Public Affairs 450 928-2550, ext.
335 firstname.lastname@example.org Michel Lagacé Warden of the Rivière-du-Loup RCM
Cell.: 418 868-9313 Tel.: 418 867-2485
Image with caption: "Viger-Denonville community wind farm in Quebec (CNW
Group/Innergex Renewable Energy Inc.)". Image available at:
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