- Increases Innergex's net installed capacity by 83.4 MW
- Addition of 83 employees based in Chile to the Innergex team
- Reinforces Innergex's commitment to increasing its foothold in
the Latin American renewable energy sector
LONGUEUIL, QC, July 9, 2021 /CNW Telbec/ - Innergex Renewable
Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") has become
the sole owner of the Chilean renewable energy company Energía
Llaima SpA ("Energía Llaima") by acquiring the remaining 50%
interest in Energía Llaima for an aggregate consideration of
US$71.35 million (CAN$89.4 million).
Following the transaction, Innergex has now interests in and
operates three hydro facilities in Chile with a gross installed capacity of
152 MW, a solar thermal facility with a gross installed
capacity of 34 MW, as well as several projects in the development
or prospective stages. It also manages operations at the
Salvador solar farm which was
already wholly owned by Innergex.
"Chile has set itself ambitious
climate targets that will drive exciting development opportunities
for Innergex. By now pairing Innergex resources with the local
savoir-faire of Energía Llaima, we are well-positioned to play a
larger role in the country's clean energy transition," said
Michel Letellier, President and
Chief Executive Officer of Innergex. "Innergex has major growth
ambitions internationally and Latin
America represents an attractive market for us. This
strengthening of our position in Chile is therefore perfectly in line with our
long-term development strategy, as this foothold in the region will
expand our reach to neighboring energy markets throughout
South America."
Innergex completed the acquisition by issuing to Energía
Llaima's shareholders 4,048,215 Innergex common shares at a price
of CAN$22.09 per share representing a 10-day volume weighted
average price.
As previously stated, the Investor Rights Agreement between
Innergex and Hydro-Québec gives preferential and annual
subscription rights to Hydro-Québec. In order for Hydro-Québec to
maintain its 19.9% ownership, Innergex has issued 1,148,050 common
shares to Hydro-Québec by means of a private placement for a total
consideration of CAN$25.3 million.
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 76
operating facilities with an aggregate net installed capacity of
2,831 MW (gross 3,701 MW) and an energy storage capacity of 150
MWh, including 37 hydroelectric facilities, 33 wind farms and six
solar farms. Innergex also holds interests in 9 projects under
development, three of which are under construction, with a net
installed capacity of 591 MW (gross 623 MW) and an energy storage
capacity of 329 MWh, as well as prospective projects at different
stages of development with an aggregate gross capacity totalling
6,935 MW. Its approach to building shareholder value is to generate
sustainable cash flows, provide an attractive risk-adjusted return
on invested capital and to distribute a stable dividend.
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, prospective projects, successful
development, construction and financing of the projects under
construction and the advanced stage prospective projects, sources
and impact of funding, project acquisitions, execution of
non-recourse project-level financing (including the timing and
amount thereof), and strategic, operational and financial benefits
and accretion expected to result from such acquisitions, business
strategy, future development and growth prospects (including
expected growth opportunities under the Strategic Alliance with
Hydro-Québec), 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,
projected Revenues Proportionate, projected Adjusted EBITDA and
projected Adjusted EBITDA Proportionate, Projected Free Cash Flow,
Projected Free Cash Flow per Share and intention to pay dividend
quarterly, the estimated project size, costs and schedule,
including obtainment of permits, start of construction, work
conducted and start of commercial operation for Development
Projects and Prospective Projects, the Corporation's intent to
submit projects under Requests for Proposals and other statements
that are not historical facts. Such information is intended to
inform readers of the potential financial impact of expected
results, of the expected commissioning of Development Projects, of
the potential financial impact of completed and future
acquisitions, and of the Corporation's ability to sustain current
dividends and to fund its growth. 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 regulatory
approvals and the divestiture of select assets. Although Innergex
believes that the expectations and assumptions on which such
forward-looking information 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-month period ended March 31,
2021.
Cautionary Statement Regarding Non-IFRS measures
Some
measures referred to in this press release are not recognized
measures under IFRS and therefore may not be comparable to those
presented by other issuers. Innergex believes that these indicators
are important, as they provide management and the reader with
additional information about the Corporation's production and cash
generation capabilities, its ability to sustain current dividends
and dividend increases and its ability to fund its growth. These
indicators also facilitate the comparison of results over different
periods. Innergex's share of Revenues of joint ventures and
associates, Revenues Proportionate, Adjusted EBITDA, Adjusted
EBITDA Margin, Adjusted EBITDA Proportionate, Adjusted EBITDA
Proportionate Margin, Innergex's share of Adjusted EBITDA of joint
ventures and associates, Adjusted Net Loss, Free Cash Flow,
Adjusted Free Cash Flow, Payout Ratio and Adjusted Payout Ratio are
not measures recognized by IFRS and have no standardized meaning
prescribed by IFRS. Please refer to the "Non-IFRS Measures" section
of the Management's Discussion and Analysis for the three-month
period ended March 31, 2021.
SOURCE Innergex Renewable Energy Inc.