- Partnership between the Innu Council of Pessamit (39%),
Innergex (38%) and the RCM of Manicouagan (23%)
- Historic agreement for a first renewable energy project with
majority participation for the Innu First Nation of Pessamit,
providing a path for economic and social development in this
community and advancing reconciliation with Indigenous peoples
- Community involvement with significant socio-economic benefits
in the RCM of Manicouagan
- Continuous cash flow for 30 years, indexed to inflation
LONGUEUIL, QC, Jan. 26,
2024 /CNW/ - The Innu Council of Pessamit, Innergex
Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation"),
and the regional county municipality of Manicouagan ("RCM of
Manicouagan") are pleased to announce that their 300 MW Manicouagan
wind project has been selected in Hydro-Québec's request for
proposals.
"Over the past few months, we have developed a relationship
based on trust and mutual respect with Innergex, and we are
extremely pleased to enter into a partnership with them to carry
out a renewable energy project on the Nitassinan," said
Marielle Vachon, Chief of the Innu
First Nation of Pessamit. "This project, in which the Innu First
Nation of Pessamit will have a majority shareholding, is in line
with our First Nation's traditional values and the principles of
the United Nations Declaration on the Rights of Indigenous
Peoples, and will be carried out in a way that respects our
ancestral rights and culture, and promotes the economic development
of our community."
"We are very proud of the collaborative nature of this project
in partnership with the Innu Council of Pessamit and the RCM of
Manicouagan," said Michel Letellier,
President and Chief Executive Officer of Innergex. "I would like to
congratulate the Innu Council of Pessamit for its leadership,
determination and collaboration with the RCM of Manicouagan and
Innergex that led to this success. Building long-term relationships
with Indigenous and local communities has been at the heart of our
development strategy for over 30 years. As we continue our
diversification efforts, Quebec
continues to represent a market of choice for our growth, and our
team is actively working to design competitive and profitable
community projects."
"The Manicouagan RCM has been the cradle of major pioneering
projects in renewable energy production since the early days of
Quebec's great hydroelectric
history and is proud to be among the visionaries who are now
investing in wind power in order to offer the best to future
generations," said Marcel
Furlong, elected prefect of the RCM of Manicouagan. "We are
even more delighted that the foundations of this project are based
on a solid and lasting partnership with the Innu community of
Pessamit, a partnership that is unconditional for the elected
officials, in order to consent to the development of wind energy in
Manicouagan. The considerable economic benefits generated by this
wind facility will directly benefit our local communities and the
development of Manicouagan for decades to come."
The project development process is ongoing, and the population
will continue to be consulted and kept informed about the project
in order to maintain collaboration with communities and ensure the
success of this project, which will benefit present and future
generations.
Commercial operation is scheduled for 2029, and the power
purchase agreement with Hydro-Québec (S&P credit rating: AA-)
is expected to be structured as a 30-year take-or-pay contract,
indexed to a predefined percentage of the Consumer Price Index
("CPI"). Once commissioned, the project will generate enough
electricity to meet the energy needs of around 60,000 homes.
Interconnection and collector system costs will be reimbursed by
Hydro-Québec when the facility is commissioned.
The project is subject to the execution of contracts with
Hydro-Québec and suppliers, and to the successful completion of
permit application processes and regulatory requirements.
About the Innu Council of
Pessamit
The Innu Council of Pessamit acts for and on behalf of the Innu
First Nation of Pessamit. This First Nation is an Indigenous nation
made up of more than 4,000 Innu from Pessamit. The ancestral
territory of this First Nation, the Nitassinan des Innus de
Pessamit, covers an area of over 138,000 km2, in the
Manicouagan region.
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, which led to Innergex being recognized
as Canada's best corporate
citizens in 2023 by Corporate Knights. 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 86 operating facilities with an aggregate net installed capacity
of 3,579 MW (gross 4,226 MW) and an energy storage capacity of 409
MWh, including 40 hydroelectric facilities, 35 wind facilities, 9
solar facilities and 2 battery energy storage facilities. Innergex
also holds interests in 12 projects under development with a net
installed capacity of 747 MW (gross 849 MW) and an energy storage
capacity of 355 MWh, 4 of which are under construction, as well as
prospective projects at different stages of development with an
aggregate gross installed capacity totalling 9,939 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.
To learn more, visit innergex.com or connect with us
on LinkedIn.
About RCM of
Manicouagan
The RCM of Manicouagan is located in the Côte-Nord region,
almost 400 km east of Québec City, and comprises eight communities,
including the town of Baie-Comeau,
all bordering the St. Lawrence River and Route 138. This immense
territory of 39,741.49 km2 - one of the largest for an
RCM in Québec - is occupied almost entirely by the unorganized
Rivière-aux-Outardes territory, characterized by its boreal forest
and the presence of several hydroelectric power stations, including
the renowned Manic-5. The RCM of Manicouagan is identified as a
resource region, and the exploitation of its natural riches is at
the root of its economic development.
Discover Manicouagan: visit mrcmanicouagan.qc.ca and
manicouagan.ca.
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 successful development, construction and
financing (including tax equity funding) of the projects under
construction and the advanced-stage prospective projects, sources
and impact of funding, execution of non-recourse project-level
financing (including the timing and amount thereof), and structure
of power purchase agreements, business strategy, 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 estimated project costs
and schedule, including obtainment of permits, start of
construction, work conducted and start of commercial operation for
projects, 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 the Corporation, including, without restriction, those
concerning hydrology, wind regimes and solar irradiation;
performance of operating facilities, acquisitions and commissioned
projects; project performance; availability of capital resources
and timely performance by third parties of contractual obligations;
favourable market conditions for share issuance to support growth
financing; favourable economic and financial market conditions; the
Corporation's success in developing and constructing new
facilities; successful renewal of PPAs; sufficient human resources
to deliver service and execute the capital plan; no significant
event occurring outside the ordinary course of business such as a
natural disaster, pandemic or other calamity; continued maintenance
of information technology infrastructure and no material breach of
cybersecurity. Please refer to Section 5 - OUTLOOK | Strategic Plan
2020-2025 regarding the assumptions used with respect to the 2025
growth targets.
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, 2023.
SOURCE Innergex Renewable Energy Inc.