Innergex begins commercial operation of Phase I of the Gros-Morne wind farm in the Gaspé Peninsula, Quebec
LONGUEUIL, QC, Nov. 29, 2011 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is proud to announce it has begun commercial operation of Phase I of the Gros-Morne wind farm, located in the municipalities of Mont-Louis and Sainte-Madeleine-de-la-Rivière-Madeleine, in the Gaspé Peninsula, Quebec.
"This brings to five the number of wind farms we now have operating in Quebec through our Cartier Wind Energy partnership. Once again, we are very fortunate to have been so well received by our host communities, and we are very grateful to them", declared Mr. Michel Letellier, President and Chief Executive Officer of the Corporation. Similarly to the Montagne-Sèche wind farm which began commercial operation last Friday, Gros-Morne Phase I is one of the projects delivered under the 1,000 MW Request for Proposals ("RFP") announced by Hydro Quebec in 2004, which called for at least 60% of total investments to be made locally. Cartier Wind Energy has further committed to making contributions totaling $3.17 million to the two communities over the next 20 years.
The Gros-Morne Phase I wind farm, in which Innergex owns a 38% interest and a 50% management stake, comprises 67 wind turbines with a total installed capacity of 100.5 MW and an estimated yearly energy output of 308,900 MWh, enough to power more than 12,000 Quebec homes each year. It is expected to produce revenues of approximately $8.0 million annually for the Corporation. The project has a 21-year power purchase agreement ("PPA") with Hydro-Quebec for all the electricity it produces, which provides for an annual adjustment to the selling price based on the Consumer Price Index.
Innergex Renewable Energy Inc. (TSX: INE) is a leading developer, owner, and operator of run-of-river hydroelectric facilities and wind energy projects in North America, and a developer of solar photovoltaic installations. Innergex's management team has been involved in the renewable power industry since 1990. Innergex owns a portfolio of projects which consists of: (i) interests in 25 operating facilities with an aggregate net installed capacity of 460.9 MW (gross 846.8 MW), including 20 hydroelectric operating facilities and five wind farms; (ii) interests in 10 projects under development or under construction with an aggregate net installed capacity of 263.6 MW (gross 407.3 MW), for which power purchase agreements ("PPA") have been secured; and (iii) prospective projects with an aggregate net capacity totaling more than 2,800 MW (gross 3,000 MW). Innergex Renewable Energy Inc is rated BBB- by S&P and BBB (low) by DBRS.
Forward-Looking Information: 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 at the date they were made. Innergex does not undertake to update forward-looking statements except in accordance with applicable laws.
Image with caption: "Innergex Renewable Energy Inc. - Gros-Morne I and Montagne-Sèche Wind Farms. (CNW Group/INNERGEX RENEWABLE ENERGY INC.)". Image available at: http://photos.newswire.ca/images/download/20111129_C2038_PHOTO_EN_7603.jpgFor further information:
Marie-Josée Privyk, CFA
Director - Investor Relations
Innergex Renewable Energy Inc.
Tel.: 450-928-2550, ext. 222