-
Contribution to the Corporation's annual revenues of approximately
$7.0 million
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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 25th 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 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.
