- $133.7 million non-recourse
project financing set to mature in 2039 for the Ashlu Creek hydro
facility in British Columbia
- $65.3 million non-recourse back
leverage financing set to mature in 2036 for the Mesgi'g Ugju's'n
wind facility in Quebec
- $68.8 million of the proceeds
will be used to repay the existing debt on the Ashlu Creek
facility, while the remaining $122.7
million will be used to reduce the corporate revolving
credit facility, effectively reducing corporate leverage
LONGUEUIL, QC, Dec. 17,
2024 /CNW/ - Innergex Renewable Energy Inc. (TSX:
INE) ("Innergex" or the "Corporation") has closed two non-recourse
financing agreements totalling $199.0
million to optimize the financial structure of its renewable
energy assets and support future development activities. The
first is a $133.7 million
non-recourse project financing with The Canada Life Assurance
Company ("Canada Life'') for the 50 MW Ashlu Creek hydro
facility. The second is a $65.3
million non-recourse back leverage financing with National
Bank of Canada and SLC Management
for the 150 MW Mesgi'g Ugju's'n wind farm.
The Ashlu Creek hydro facility has been in operations since
2009, while the Mesgi'g Ugju's'n wind farm has been in operations
since 2016, and the projects operate under long-term power purchase
agreements (PPA) with BC Hydro and Hydro-Québec, respectively.
"The closing of these financings demonstrates our proactive
approach to financial optimization," said Michel Letellier, President and Chief Executive
Officer of Innergex. "By leveraging our existing assets, we are
able to strengthen our balance sheet, enhance liquidity, and
maintain the flexibility needed to accelerate our development
activities and pursue future growth opportunities. These strategic
initiatives align with our disciplined, self-funded growth
strategy, allowing us to continue creating long-term value for our
stakeholders."
About Innergex Renewable Energy Inc.
For over 30
years, Innergex has believed in a world where abundant renewable
energy promotes healthier communities and creates shared
prosperity. As an independent renewable power producer which
develops, acquires, owns and operates hydroelectric facilities,
wind farms, solar farms and energy storage facilities, Innergex is
convinced that generating power from renewable sources will lead
the way to a better world. Innergex conducts operations in
Canada, the United States, France and Chile and manages a large portfolio of
high-quality assets currently consisting of interests in 89
operating facilities with an aggregate net installed capacity of
3,377 MW (gross 4,332 MW), including 42 hydroelectric facilities,
35 wind facilities, 9 solar facilities and 3 battery energy storage
facilities. Innergex also holds interests in 14 projects under
development with a net installed capacity of 991 MW (gross 1,334
MW), 2 of which are under construction, as well as prospective
projects at different stages of development with an aggregate gross
installed capacity totaling 9,807 MW. Its approach to building
shareholder value is to generate sustainable cash flows and provide
an attractive risk-adjusted return on invested capital. To learn
more, visit innergex.com or connect with us
on LinkedIn.
Cautionary Statement Regarding Forward-Looking
Information
To inform readers of the Corporation's future
prospects, this press release contains forward-looking information
within the meaning of applicable securities laws ("Forward-Looking
Information"), including the Corporation's growth targets, power
production, prospective projects, successful development,
construction and financing (including tax equity funding) of the
projects under construction and the advanced-stage prospective
projects, sources and impact of funding, execution of non-recourse
project-level financing (including the timing and amount thereof),
and strategic, operational and financial benefits and accretion
expected to result from such business strategy, future development
and growth prospects, business outlook, objectives, plans and
strategic priorities, and other statements that are not historical
facts. Forward-Looking Information can generally be identified by
the use of words such as "approximately", "may", "will", "could",
"believes", "expects", "intends", "should", "would", "plans",
"potential", "project", "anticipates", "estimates", "scheduled" or
"forecasts", or other comparable terms that state that certain
events will or will not occur. It represents the projections and
expectations of the Corporation relating to future events or
results as of the date of this press release.
Forward-Looking Information includes future-oriented financial
information or financial outlook within the meaning of securities
laws, including information regarding the Corporation's targeted
production, the estimated targeted revenues, the estimated project
size, costs and schedule, including obtainment of permits, start of
construction, work conducted and start of commercial operation for
Development Projects and Prospective Projects, the Corporation's
intent to submit projects under Requests for Proposals and other
statements that are not historical facts. Such information is
intended to inform readers of the potential financial impact of
expected results, of the expected commissioning of Development
Projects, of the potential financial impact of completed and future
acquisitions and of the Corporation's ability to pay a dividend and
to fund its growth. Such information may not be appropriate for
other purposes.
Forward-Looking Information is based on certain key assumptions
made by the Corporation, including, without restriction, those
concerning hydrology, wind regimes and solar irradiance;
performance of operating facilities, acquisitions and commissioned
projects; availability of capital resources and timely performance
by third parties of contractual obligations; favourable economic
and financial market conditions; average merchant spot prices
consistent with external price curves and internal forecasts; no
significant variability in interest rates; the Corporation's
success in developing and constructing new facilities; no adverse
political and regulatory intervention; successful renewal of PPAs;
sufficient human resources to deliver service and execute the
capital plan; no significant event occurring outside the ordinary
course of business such as a natural disaster, pandemic or other
calamity; continued maintenance of information technology
infrastructure and no material breach of cybersecurity.
For more information on the risks and uncertainties that may
cause actual results or performance to be materially different from
those expressed, implied or presented by the forward-looking
information or on the principal assumptions used to derive this
information, please refer to the "Forward-Looking Information"
section of the Management's Discussion and Analysis for the three
months ended September 30, 2024.
SOURCE Innergex Renewable Energy Inc.
