Innergex begins commercial operation of the 17.5 MW Northwest Stave River
-- Contribution to the Corporation's annual revenues of
approximately $7.0 million
-- Electricity to power more than 5,500 British Columbia
households each year
LONGUEUIL, QC, Feb. 24, 2014 /CNW Telbec/ - Innergex Renewable Energy Inc.
(TSX: INE) ("Innergex" or the "Corporation") has begun commercial operation of
the 17.5 MW Northwest Stave River run-of-river hydroelectric facility located
in British Columbia, Canada.
"We are pleased to have commissioned our 25(th) hydroelectric facility,
reinforcing our leadership position among independent power producers in
British Columbia. This project was realized thanks to the support and
collaboration of the Douglas and Kwantlen First Nations, with whom we enjoy
solid relations", states Michel Letellier, President and Chief Executive
Officer of the Corporation. "Today we are seeing additional benefits of the
Cloudworks acquisition completed in 2011", adds Mr. Letellier.
The 17.5 MW Northwest Stave River hydroelectric facility is located on Crown
land, approximately 50 km north of Mission, British Columbia. Construction
began in 2011 and was completed in early December 2013, on time and on budget.
Commissioning of the facility began at that time and the COD certificate has
now been approved by BC Hydro with an effective commissioning date of December
Northwest Stave's average annual production is estimated to reach 63,300 MWh,
enough to power more than 5,500 BC households. In its first full year of
operation, it is expected to generate revenues and Adjusted EBITDA of
approximately $7.0 million and $6.0 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 that province's 2008 Clean
Power Call Request for Proposals 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 and
British Columbia and in Idaho, USA. Its portfolio of assets currently consists
of: (i) interests in 32 operating facilities with an aggregate net installed
capacity of 672 MW (gross 1,164 MW), including 25 hydroelectric operating
facilities, six wind farms, and one solar photovoltaic farm; (ii) interests in
five projects under development or under construction with an aggregate net
installed capacity of 210 MW (gross 321 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 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 Northwest Stave
River 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 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 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 email@example.com
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CO: Innergex Renewable Energy Inc.
ST: British Columbia
NI: UTI NP
-0- Feb/24/2014 22:14 GMT
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