Innergex announces the start of operation of the 49.9 MW Kwoiek Creek hydro facility

Innergex announces the start of operation of the 49.9 MW Kwoiek Creek hydro 
facility 


        --  Contribution to the Corporation's annual revenues of
            approximately $18.0 million
        --  Partnership with the Kanaka Bar Indian Band
        --  Electricity to power more than 20,000 British Columbia
            households each year

LONGUEUIL, QC, Feb. 18, 2014 /CNW Telbec/ - Innergex Renewable Energy Inc. 
(TSX: INE) ("Innergex" or the "Corporation") announces that the Kwoiek Creek 
Resources Limited Partnership has begun operation of the Kwoiek Creek 
run-of-river hydroelectric facility located in British Columbia, Canada. 
Innergex holds 50% of Kwoiek Creek Resources Limited Partnership, and is 
responsible for the management of the construction and the operation of the 
facility. The Kanaka Bar Indian Band holds the remaining 50% interest.

"We are very pleased to have realized this project in partnership with the 
Kanaka Bar Indian Band. Kwoiek Creek represents yet another project developed 
in the best interests of the host community, our partners and our investors", 
declares Mr. Michel Letellier, President and Chief Executive Officer of the 
Corporation. "We look forward to building more projects in partnership with 
First Nations and local municipalities in the future", adds Mr. Letellier.

"The production of electricity at the Kwoiek Creek facility marks the 
culmination of many years of hard work and dedication by our communities and 
our partner Innergex. We are very proud of this accomplishment, which provides 
our local residents and all of British Columbia with clean energy and 
long-term benefits", states Chief James Frank of the Kanaka Bar Indian Band.

The 49.9 MW Kwoiek Creek hydroelectric facility is located partly on Crown 
lands and partly on reserve lands, approximately 14 km south of Lytton, 
British Columbia. Construction began in 2011 and was completed in early 
December 2013, on time and on budget. While commissioning of the facility 
began at that time, the Corporation and BC Hydro have amended their agreement 
to clarify stipulated production levels, subject to approval by the British 
Columbia Utilities Commission. Once the approval is received, BC Hydro will 
accept the COD Certificate with an effective commissioning date of January 1, 
2014 for the Kwoiek Creek facility.

Kwoiek Creek's average annual production is estimated to reach 223,400 MWh, 
enough to power more than 20,000 BC households. In its first full year of 
operation, it is expected to generate revenues and Adjusted EBITDA of 
approximately $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 the 2006 Call for Tenders 
for clean energy 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 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 31 operating facilities with an aggregate net installed capacity 
of 654 MW (gross 1,146 MW), including 24 hydroelectric operating facilities, 
six wind farms, and one solar photovoltaic farm; (ii) interests in six 
projects under development or under construction with an aggregate net 
installed capacity of 227 MW (gross 338 MW), for which power purchase 
agreements have been secured; and (iii) prospective projects with an aggregate 
net capacity totaling 2,900 MW (gross 3,125 MW). 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 that generate sustainable cash flows and 
provide a high return on invested capital, and to distribute a stable dividend.

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 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 
comparable terminology.

The forward-looking information includes forward-looking financial information 
or financial outlook, within the meaning of securities laws, such as the 
estimated electricity production, revenues and Adjusted EBITDA to inform 
investors of the potential financial impact of the Kwoiek Creek hydroelectric 
facility 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 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 hydrology, 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 mjprivyk@innergex.com www.innergex.com 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2014/18/c5198.html 
CO: Innergex Renewable Energy Inc.
ST: British Columbia
NI: UTI  
-0- Feb/18/2014 23:02 GMT
 
 
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