/THIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO
UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES/
LONGUEUIL, QC, Sept. 3, 2021 /CNW Telbec/ - Innergex Renewable
Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") has
completed today its previously announced bought deal equity
financing of common shares. The Corporation issued a total of
10,374,150 common shares, including 1,353,150 common shares
issued as a result of the full exercise at closing of the
over-allotment option granted to the syndicate of underwriters led
by CIBC Capital Markets, National Bank Financial Inc., BMO Capital
Markets and TD Securities Inc. (collectively the "Underwriters"),
at an offering price of $19.40 per
common share (the "Offering Price") for aggregate gross
proceeds of $201,258,510 (the
"Offering").
As part of the Investor Rights Agreement between Innergex and
HQI Canada Holding Inc., a wholly owned subsidiary of Hydro-Québec
("Hydro-Québec"), Hydro-Québec owns a preferential subscription
right allowing it to maintain its 19.9% ownership of the common
shares of Innergex. Therefore, it can subscribe to Innergex common
shares in connection with any issuance at an equal price, including
in the context of a bought deal equity financing. Concurrent with
the Offering, Innergex also closed its previously announced private
placement (the "Private Placement") with Hydro-Québec. A total of
2,581,000 common shares were issued at the Offering Price for
aggregate gross proceeds of $50,071,400 in order to maintain Hydro-Québec's
19.9% ownership. The common shares offered pursuant to the Private
Placement were sold directly to Hydro-Québec, without an
underwriter or placement agent.
The Corporation intends to use the net proceeds of the Offering
and the Private Placement to fund the purchase price of the
acquisition of Curtis Palmer (the "Acquisition"), with the
remainder of the net proceeds, or should the Acquisition not
successfully close, the net proceeds of the Offering and the
Private Placement, to be used for general corporate purposes
including future growth initiatives.
The common shares of the Offering were distributed under a short
form prospectus dated August 30,
2021, which is available on SEDAR at www.sedar.com.
The securities offered in the Offering have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any U.S. state securities
laws, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor will there be any sale
of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
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 77
operating facilities with an aggregate net installed capacity of
3,071 MW (gross 3,741 MW) and an energy storage capacity of 150
MWh, including 38 hydroelectric facilities, 32 wind farms and 7
solar farms. Innergex also holds interests in 8 projects under
development, 2 of which are under construction, with a net
installed capacity of 168 MW (gross 205 MW) and an energy storage
capacity of 329 MWh, as well as prospective projects at different
stages of development with an aggregate gross capacity totaling
6,931 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 anticipated completion of the Curtis
Palmer acquisition, the use of proceeds of the Offering and the
Private Placement, Innergex's business strategy, future development
and growth prospects (including expected growth opportunities under
the Strategic Alliance with Hydro-Québec), business integration,
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 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 expected closing of the Curtis Palmer acquisition.
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-
and six-month periods ended June 30,
2021.
SOURCE Innergex Renewable Energy Inc.