LONGUEUIL, QC, March 27, 2014 /CNW Telbec/ - Innergex Renewable Energy
Inc. (TSX: INE) ("Innergex" or the "Corporation") has reached
agreements with BC Hydro regarding the Upper Lillooet Hydro Project,
comprised of the Upper Lillooet River, Boulder Creek and North Creek
run-on-river hydroelectric projects in British Columbia.
Pursuant to these agreements:
-
The higher installed capacity of the Upper Lillooet River hydroelectric
project is confirmed at 81.4 MW;
-
The higher installed capacity of the Boulder Creek hydroelectric project
is confirmed at 25.3 MW;
-
The 16.0 MW North Creek hydroelectric project is cancelled.
The Corporation had requested BC Hydro's consent to these changes in
early 2013.
Pursuant to these agreements between the Corporation and BC Hydro, the
commercial operation date for the Boulder Creek project will occur no
earlier than July 1, 2016.
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.
Forward-looking information
In order to inform readers of the Corporation's future prospects, this
press release contains forward-looking information that can generally
be identified by the use of words such as "projected", "potential",
"expect", "will", "should", "estimate", "forecasts", "intends", or
other comparable terminology that states that certain events will or
will not occur. It represents the estimates and expectations of the
Corporation relating to future results and developments as of the date
of this press release. The material risks and uncertainties that may
cause actual results and developments to be materially different from
current expressed Forward-Looking Information are referred to in the
Corporation's Annual Information Form in the "Risk Factors" section and include, without limitation: the
ability of the Corporation to execute its strategy; its ability to
access sufficient capital resources; changes in hydrology, wind regimes
and solar irradiation; delays and cost overruns in the design and
construction of projects; the ability to develop new facilities; and
variability of installation performance and related penalties. Although
the Corporation believes that the expectations and assumptions on which
Forward-Looking Information is based are reasonable, readers of this
press release are cautioned not to rely unduly on this Forward-Looking
Information since no assurance can be given that they will prove to be
correct. 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 of this press release, unless
so required by legislation.
SOURCE Innergex Renewable Energy Inc.
