Innergex and the In-SHUCK-ch Nation sign a partnership agreement to develop six hydroelectric projects in British Columbia
SACHTEEN, BC, Aug. 12, 2014 /CNW Telbec/ - Innergex Renewable Energy Inc. ("Innergex" or the "Corporation") and the In-SHUCK-ch Nation are pleased to announce the joint signing of a partnership agreement regarding the development of hydroelectric projects in British Columbia, Canada.
Innergex and the In-SHUCK-ch Nation have agreed on commercial terms for a 50-50 partnership to develop six run-of-river hydroelectric projects. These projects, totaling approximately 150 MW, are spread on six creeks located within the Nation's traditional territories: Rogers Creek, Snowcap Creek, Gowan Creek, Kakila Creek, Tuwasus Creek and Billygoat Creek. The partners are currently in discussions with the Province of British Columbia and BC Hydro to explore ways to ensure the viability of these projects through long-term power purchase agreements with BC Hydro.
The In-SHUCK-ch Nation represents the Samahquam Nation and the Skatin Nations in the BC Treaty Commission process. In April 2013, the In-SHUCK-ch Nation, the Government of Canada and the Government of British Columbia signed a letter of understanding agreeing on treaty terms. These terms include the transfer of lands in the Rogers Creek area where the first hydroelectric project will be developed and where the In-SHUCK-ch Nation's House of Government will be located. Other parcels intended for independent power project development will be transferred to the Samahquam Nation and the Skatin Nations upon treaty ratification by the In-SHUCK-ch Nation.
"We are extremely pleased to have entered this agreement with the In-SHUCK-ch Nation, and we look forward to working in partnership with them, respectfully and collaboratively, on sustainable economic development opportunities for their communities" declares Richard Blanchet, Senior Vice President - Western Region of Innergex.
"It's no accident that we're finalizing our partnership arrangement with Innergex at the same time as we are concluding the treaty. A successful treaty means we must begin to pay our own way, and our green energy projects will make that possible. For the In-SHUCK-ch Nation, this means moving away from dependency and taking our proper place within Canada", states Eppa (Gerard Peters), In-SHUCK-ch Nation's Chief Negotiator.
About the In-SHUCK-ch Nation
The In-SHUCK-ch Nation is comprised of two First Nations: Samahquam Nation and Skatin Nations. Their traditional territories are located between the Harrison and Lillooet Lakes. In spite of their proximity to the Sea to Sky region and the mid-Fraser Valley, they had remained relatively isolated until recently. A few years ago, the communities were connected to the BC Hydro electricity grid. They will soon receive high speed internet service, and the In-SHUCK-ch Forest Service Road that serves the communities will be upgraded to a two-lane, year-round gravel surfaced road within the first five years of signing the treaty. For more information, please visit the Nation's website at www.inshuckch.com.
About Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc. is a leading Canadian independent renewable power producer. Active since 1990, the Company develops, owns and operates run-of-river hydroelectric facilities, wind farms and solar photovoltaic farms and carries out its operations in Quebec, Ontario and British Columbia and in Idaho, USA. Its portfolio of assets currently consists of: (i) interests in 33 operating facilities with an aggregate net installed capacity of 687 MW (gross 1,194 MW), including 26 hydroelectric operating facilities, six wind farms, and one solar photovoltaic farm; (ii) interests in five projects under development or under construction with an aggregate net installed capacity of 210 MW (gross 321 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totaling 2,900 MW (gross 3,125 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P and BB (high) by DBRS (unsolicited rating). Its shares are listed on the Toronto Stock Exchange under the symbol "INE".
The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide a high return on invested capital, and to distribute a stable dividend.
Forward-Looking Information Disclaimer
In order 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"). Forward-Looking Information can generally be identified by the use of words such as "projected", "potential", "expect", "will", "should", "estimate", "forecasts", "intends", or other comparable terminology that states that certain events will or will not occur. It represents the estimates and expectations of the Corporation relating to future results and developments as of the date of this press release, including expectations and assumptions concerning the installed capacity and obtainment of power purchase agreements for six hydroelectric projects in British Columbia. Such information may not be appropriate for other purposes.
The material risks and uncertainties that may cause actual results and developments to be materially different from current expressed Forward-Looking Information are referred to in the Corporation's Annual Information Form in the "Risk Factors" section and include, without limitation: uncertainty surrounding the development of new facilities, and the ability to secure new power purchase agreements.
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 Corporation 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 of this press release, unless so required by legislation.
SOURCE Innergex Renewable Energy Inc.
Image with caption: "Signing of the partnership agreement between Innergex and the In-SHUCK-ch Nation. (CNW Group/Innergex Renewable Energy Inc.)". Image available at: http://photos.newswire.ca/images/download/20140812_C1115_PHOTO_EN_4795.jpgFor further information: Bas Brusche, Director - Public Affairs, Western Region, Innergex Renewable Energy Inc., 604 633-9990, ext. 298, firstname.lastname@example.org, www.innergex.com; Eppa (Gerard Peters), Chief Negotiator, In-SHUCK-ch Nation, 604 970-7891, email@example.com, www.inshuckch.com