Innergex begins commercial operation of the 17.5 MW Northwest Stave River hydro facility

 Innergex begins commercial operation of the 17.5 MW Northwest Stave River  hydro facility            --  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  18, 2013.  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  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, 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 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    To view this news release in HTML formatting, please use the following URL:  CO: Innergex Renewable Energy Inc. ST: British Columbia NI: UTI NP  
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