- Signature of a 30-year power purchase agreement with BC Hydro
for the electricity to be generated by the Stewart Creek wind
project (200 MW).
- Partnership between West Moberly First Nations (51%) and
Innergex (49%) to bring more clean energy to the region.
- Will bring significant opportunities for economic growth and
social development to the region.
- Continuous and steady cash flow for 30 years, indexed to
inflation.
LONGUEUIL, QC, Dec. 27,
2024 /CNW/ - Innergex Renewable Energy Inc. (TSX:
INE) ("Innergex" or the "Corporation") is pleased to announce the
signing of a 30-year electricity purchase agreement (EPA) with BC
Hydro for the electricity to be generated by the Stewart Creek wind
project (200 MW), in partnership with West Moberly First
Nations. Located approximately 60 km east of Innergex's
Dokie Wind Farm, the community wind
project represents a step forward in the transition to clean,
renewable energy for British
Columbia.
"We thank West Moberly First Nations for their trust and
collaboration on the Stewart Creek Wind Project," said Michel Letellier, President and Chief Executive
Officer of Innergex. "We are proud to work alongside them to
bring more clean energy to the region while honouring the land and
values of West Moberly First Nations and other First Nations in the
area. Partnerships with Indigenous communities represent a
cornerstone of our approach to renewable energy development,
reflecting our commitment to advancing projects that prioritize
Indigenous values while contributing to economic, environmental,
and social progress. This milestone reflects the strength of our
development portfolio, and our shared commitment to advancing
British Columbia's energy
transition. Expanding our Canadian wind portfolio through projects
like Stewart Creek demonstrates our focus on disciplined growth,
fostering regional sustainability, and creating value for all
stakeholders."
A Project Rooted in Collaboration and Engagement
The Stewart Creek Wind Project is being developed in close
collaboration with First Nations in the area. Guided by
collaborative land-use planning, the project integrates cultural
preservation, environmental stewardship, and economic empowerment
for Indigenous communities in the Peace River region.
The project is expected to create approximately 150 job
opportunities during development, construction, and operation
phases, supporting local economic growth and workforce
development.
Transparent and inclusive consultation is central to the
project, with engagement initiatives such as public open houses,
media outreach, project-specific communications, and job fairs to
commence in the near future. These efforts aim to foster open
dialogue, build lasting relationships with surrounding Nations,
municipalities, and stakeholders, and ensure that local communities
are involved at every stage.
Environmental and Community Benefits
The Stewart Creek Wind Project will deliver numerous
environmental and community benefits, including:
- Powering 60,000 Homes: With an estimated annual
generation of 600 GWh, the wind farm will provide enough renewable
electricity to power approximately 60,000 households, helping to
meet BC Hydro's goals of reducing greenhouse gas emissions and
advancing clean electrification.
- Support for Local Air and Water Quality: The
Stewart Creek project will help replace fossil fuels with clean
energy in the region, improving air and water quality while
enhancing the local infrastructure to support the electrification
of industrial operations, reducing emissions in the long term.
- Commitment to Sustainability and Environmental
Protection: The project minimizes environmental
impact by avoiding sensitive cultural and ecological resources. It
integrates sustainability at every stage, with remediation
practices to restore the land, preserve cultural values, and
enhance biodiversity and wildlife habitats if decommissioned.
The project is scheduled for commercial operations in 2030. The
long-term electricity purchase agreement with BC Hydro (S&P
credit rating: AA-) is structured as a 30-year take-or-pay
contract, indexed to a predefined percentage of the Consumer Price
Index ("CPI") ensuring financial stability and protection against
inflation.
The project is subject to the execution of contracts with
suppliers, and to the successful completion of permit application
processes and regulatory requirements.
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, Chile and France 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 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), , structure of power
purchase agreement, business strategy, 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 and production tax
credits, targeted Revenues and Production Tax Credits
Proportionate, project size, costs and schedule, including
obtainment of permits, start of construction, work conducted and
start of commercial operation for the qualification of Canadians
projects for ITCs 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 irradiation;
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
material changes in the assumed U.S. dollar to Canadian dollar and
Euro to Canadian dollar exchange rate; 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.
