- Projects total 45 MWAC solar capacity and 180 MWh battery storage
- Innergex to enter the very promising battery storage market
LONGUEUIL, QC, Jan. 4, 2019 /CNW Telbec/ - Innergex Renewable
Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce the signing of two 25-year power purchase
agreements that provide a fixed price with the Hawai'i Electric Light Company and the Maui Electric Company for the electricity
to be produced at the Hale Kuawehi and Paeahu solar and battery energy storage projects. Both projects have a proposed commercial
operation date of 2022. The agreements are subject to approval by the Public Utilities Commission of Hawai'i.
"With these two important and unique projects in Hawai'i, we are excited to enter the growing and promising battery energy
storage market, in which we intend to become a key player," said Michel Letellier, President and
Chief Executive Officer of Innergex. "The technological advancements in battery storage are changing the way utilities service
their customers and we intend to become a solid partner with them in managing their power needs."
The two 25-year power purchase agreements are for dispatchable energy, allowing the respective utilities to dispatch the
facilities as they deem appropriate to maintain grid stability and maximise renewable energy use on Maui and Hawai'i islands.
The Hale Kuawehi solar project is a 30 MWAC facility with 120 MWh of battery storage located on the
island of Hawai'i. Its average annual electricity generation could reach 92,000 MWh. The Paeahu solar project is a
15 MWAC facility with a 60 MWh battery storage facility on the island of Maui. It could generate on average annually 45,000 MWh.
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 corporation, 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 2,091 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 strategy. Its approach 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, 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.
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Principal Assumptions
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Principal Risks and Uncertainties
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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.
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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
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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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