- 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.
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