Innergex Renewable Energy to Acquire Rights to Develop 200 MW of Hydro Projects in BC

    LONGUEUIL, QC, April 23 /CNW Telbec/ - Innergex Renewable Energy Inc.
(TSX: INE) (the "Corporation") announces it has reached an agreement with
Ledcor Power Group Ltd. ("Ledcor") to acquire 66 2/3% of a joint venture,
holding rights to develop 18 run-of-river hydroelectric power projects with
secured water licences located in Lower Mainland in British Columbia. These
projects would represent a potential installed capacity of more than 200 MW
and produce over 1,000 GW-hr of clean energy for the Province, filling the
needs of approximately 98,000 BC homes.
    The Corporation will invest $8 million for this acquisition in addition
to issuing 200,000 warrants to Ledcor. Subject to TSX approval, the warrants
will be exercisable within 24 months from closing of the transaction, at a
strike price of $12.50 per warrant. Ledcor will remain the owner of 33 1/3% of
the joint venture.
    "We were aiming at developing the sites with a dynamic, serious and
experienced development partner, having complementary strengths with Ledcor"
said Scott Lyons, President, Ledcor CMI Ltd. "We've seen the success the
Corporation already has in BC and elsewhere, and we are confident these
projects will provide clean hydropower to the Province in the near future."
    "This acquisition will consolidate our position in BC by adding over
200 MW to our existing portfolio of prospective projects, bringing the total
to more than 1,800 MW" remarked Michel Letellier, President and CEO of the
Corporation. "Pre-development studies, as well as technical assessments were
conducted by Innergex' development team which confirmed the projects'
feasibility."
    Most of these projects are in their early stage of development but some
are ready to be submitted to BC Hydro's Clean Power Call and to BC Hydro's
Standing Offer Program. The acquisition price for the 18 prospective projects
represents an attractive purchase price of less than $40,000 per MW.
    The Corporation and Ledcor will work together over the next few months to
further finalize the details of the agreement and close the transaction. The
closing of the acquisition which is expected to occur within 90 days is
subject to customary conditions for similar transaction including satisfactory
due diligence review. The Corporation intends to finance the acquisition with
cash on hand.

    Innergex Renewable Energy Inc. is a developer, owner and operator of
hydroelectric facilities and wind energy projects in North America. The
Corporation's management team has been involved in the renewable power
industry since 1990. The Corporation owns a portfolio of projects which
consists of one operating facility (8 MW), interests in nine development
projects with power purchase agreements under construction or to be
constructed between 2008 and 2012 (gross expected capacity of 565 MW), and
prospective projects (gross expected capacity of more than 1,600 MW). Innergex
Renewable Energy Inc. also owns 16.1% of the Innergex Power Income Fund, a
publicly traded income fund listed on the Toronto Stock Exchange (IEF.UN), and
acts as its manager under long-term management agreements.

    Ledcor Power Inc. is an independent power producer (IPP) currently
focused on developing environmentally friendly "green" energy projects in
British Columbia. Ledcor Power is a wholly owned subsidiary within the Ledcor
Group of Companies. Founded in 1947, Ledcor is a leading, privately-held,
employee-owned group of companies, specializing in building, civil, industrial
and telecommunications projects and services. Ledcor brings an established
history of construction excellence with a team of professionals who measure
their success by client satisfaction.

    Forward-looking statements

    Investors should note that some statements in this press release are
forward-looking and may not give full weight to all potential risks and
uncertainties. Forward-looking statements are, by their nature, subject to
risks and uncertainties, and actual results, actions or events could
materially differ from those set forth in the forward-looking statements. All
forward-looking statements are only valid as of the date they were made. The
Corporation does not undertake to update forward-looking statements except in
accordance with applicable laws.
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For further information: Mr. Jean Trudel, MBA, Vice President - Finance
and Investors Relations, Innergex Renewable Energy Inc., [phone],
[e-mail]