- The electricity produced is sold under a 30-year, 320 MW busbar
power purchase agreement with PacifiCorp
LONGUEUIL, QC, Jan. 13,
2025 /CNW/ - Innergex Renewable Energy Inc. (TSX:
INE) ("Innergex" or the "Corporation") is pleased to announce that
its Boswell Springs wind farm, located in Wyoming, USA, has reached commercial operation
on December 31, 2024, and has begun
delivering clean electricity to the grid under a long-term power
purchase agreement ("PPA") with PacifiCorp. This important
milestone marks a key step forward marking the beginning of
operations.
"We are proud to see the Boswell Springs Wind Farm reach
commercial operation and begin delivering renewable energy," said
Michel Letellier, President and
Chief Executive Officer of Innergex. "This achievement reflects the
hard work of our teams and partners who were committed to
delivering this accretive project."
The electricity produced by the Boswell Springs Wind Farm is
sold under a 30-year, 320 MW busbar power purchase agreement signed
with PacifiCorp, one of the lowest-cost electrical providers in
the United States, serving more
than 2 million customers in six western states. The produced energy
is transported to its interconnection point through a newly
constructed 34.5 miles 230 kV generation-tie line built by
Innergex.
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 90
operating facilities with an aggregate net installed capacity of
3,707 MW (gross 4,662 MW), including 42 hydroelectric facilities,
36 wind facilities, 9 solar facilities and 3 battery energy storage
facilities. Innergex also holds interests in 13 projects under
development with a net installed capacity of 661 MW (gross 1,004
MW), 1 of which is 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 projected financial
performance, power production, successful development, construction
and financing (including tax equity funding) of the projects under
construction, sources and impact of funding, project acquisitions,
and strategic, operational and financial benefits and accretion
expected to result from such acquisitions, business strategy,
future development and growth prospects, business integration,
governance, 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 expected
production, the estimated project costs, projected revenues and
production tax credits, projected Revenues and Production Tax
Credits Proportionate, projected Adjusted EBITDA and projected
Adjusted EBITDA Proportionate, the qualification of U.S. projects
for PTCs and ITCs and other statements that are not historical
facts. Such information is intended to inform readers of the
potential financial impact of expected results, and of the
potential financial impact of completed acquisitions. Such
information may not be appropriate for other purposes.
Forward-Looking Information is based on certain key assumptions
made by Innergex, including, without restrictions, assumptions
concerning project performance; economic, financial and financial
market conditions, expectations and assumptions concerning
availability of capital resources and timely performance by third
parties of contractual obligations; receipt of approvals and the
divestiture of select assets. Although Innergex believes that the
expectations and assumptions on which such forward-looking is based
are reasonable, under the current circumstances, readers are
cautioned not to rely unduly on this forward-looking information as
no assurance can be given that they will prove to be correct. The
forward-looking information contained in this press release is made
as of the date hereof and Innergex 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 so required by law.
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.
