- Projects would produce a total 45 MWAC solar and 180 MWh battery storage
- Innergex would expand its expertise in battery storage technology
- Foothold in the growing Hawaiian renewable energy market
LONGUEUIL, QC, Oct. 10, 2018 /CNW Telbec/ - Innergex Renewable
Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce it has successfully advanced to the Final Award
Group in Hawaiian Electric Companies' request for proposals for new renewable power generation. The proposed projects are a 30 MW
solar and 120 MWh battery storage facility located on the island of Hawai'i and a 15 MW solar and 60 MWh battery storage
facility on the island of Maui. Both projects have a proposed commercial operation date of 2022.
The proposals are now in the power purchase agreement negotiation phase, an important step that will need to be concluded before
moving ahead with the permitting process.
"We are proud to have been selected to the Final Award Group in this competitive bidding process and are extremely excited to
propose a project that includes battery storage as we think storage will play an important role in the future of renewable energy
generation," said Michel Letellier, President and Chief Executive Officer of Innergex. "We look
forward to continuing to engage with the local communities where these future sites are proposed, introduce our team, provide
information and address any concerns. It is important for Innergex to develop projects that are harmoniously integrated in the
communities where they are located."
The technological advancements in battery storage are changing the way utilities service their customers and gives them
greater flexibility in managing their power needs. Innergex is committed to fully realizing the future of battery storage and
will use its expertise and experience to bring this exciting technology into its growing portfolio of assets.
About Innergex Renewable Energy Inc.
The Corporation is an independent renewable power producer which develops, acquires, owns and operates hydroelectric
facilities, wind farms, solar farms and geothermal power generation plants. As a global player, Innergex conducts operations in
Canada, the United States, France, Chile and Iceland. Innergex
manages a large portfolio of assets currently consisting of interests in 68 operating facilities with an aggregate net installed
capacity of 1,725 MW (gross 3,072 MW), including 37 hydroelectric facilities, 25 wind farms, four solar farms and two
geothermal facilities. Innergex also holds interests in five projects under development with a net installed capacity of 719 MW
(gross 800 MW), two of which are currently under construction and prospective projects at different stages of development
with an aggregate net capacity totaling 8,382 MW (gross 9,246 MW). Respecting the environment and balancing the best interests of
the host communities, its partners, and its investors are at the heart of the Corporation's development. Its strategy for
building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjusted return on invested capital
and to distribute a stable dividend. Innergex Renewable Energy Inc. is rated BBB- by S&P.
Forward-Looking Information Disclaimer
To inform readers of the Corporation's future prospects, this press release contains forward-looking information within
the meaning of applicable securities laws, including, but not limited to, statements relating to the anticipated signature of a
power purchase agreement, Innergex's 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").
Forward-Looking Information can generally be identified by the use of words such as "approximately", "may", "will", "could",
"believes", "expects", "intends", "should", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or
"forecasts", or other comparable terminology 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.
Since forward-looking statements address future events and conditions, they are by their very nature subject to inherent risks
and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
These include, but are not limited to, the risks associated with the renewable energy industry in general such as execution of
strategy; ability to develop projects on time and within budget; capital resources; derivative financial instruments; current
economic and financial conditions; hydrology and wind regimes, geothermal resources and solar irradiation; construction, design
and development of new facilities; performance of existing projects; equipment failure; interest rate and refinancing risk;
currency exchange rates, variation in merchant price of electricity, financial leverage and restrictive covenants; and
relationships with public utilities. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional
information on these and other factors that could affect the operations or financial results of Innergex are included in
Innergex's annual information form available on SEDAR at www.sedar.com.
Forward-Looking Information in this press release is based on certain key expectations and assumptions made by the
Corporation. The following table outlines Forward-Looking Information contained in this press release, the principal assumptions
used to derive this information and the principal risks and uncertainties that could cause actual results to differ materially
from this information.
Principal Assumptions
|
Principal Risks and Uncertainties
|
Estimated project costs, expected obtainment of permits, start of
construction, work
conducted and start of commercial operation for Development Projects or
Prospective
Projects
For each development project, the Corporation provides an estimate of
project costs based
on its extensive experience as a developer, directly related incremental
internal costs, site
acquisition costs and financing costs, which are eventually adjusted for
the projected costs
provided by the engineering, procurement and construction ("EPC")
contractor retained for
the project.
The Corporation provides indications regarding scheduling and construction
progress for its
Development Projects and indications regarding its Prospective Projects,
based on its
extensive experience as a developer.
|
Performance of counterparties, such as the
EPC contractors
Delays and cost overruns in the design and
construction of projects
Obtainment of permits
Equipment supply
Interest rate fluctuations and financing risk
Relationships with stakeholders
Regulatory and political risks
Higher-than-expected inflation
Natural disaster
Ability to secure new power purchase agreements
|
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 forward-looking statements contained in this press release are made as of
the date hereof and Innergex undertakes no obligation to publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, unless so required by applicable securities laws.
innergex.com
SOURCE Innergex Renewable Energy Inc.
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