LONGUEUIL, QC, April 20 /CNW Telbec/ - Innergex Renewable Energy Inc.
(TSX: INE) ("Innergex"") announces that it has completed the
acquisition of all the issued and outstanding shares of the entity
owning the rights to develop Enfinity NV ("Enfinity") 27-MWAC Stardale Photovoltaic ("PV") Solar Project (the "Stardale Project").
Once completed, the Stardale Project would become the second most
important solar project in Canada. This is the first solar project for
Innergex, who estimates its EBITDA contribution at $ 15 million for the
first full year of operation. Construction of the Stardale Project,
which began in November of 2010, is expected to be completed in the
first quarter of 2012.
Subject to certain adjustments, the total development costs are expected
to be approximately $140 million. This amount includes the
$11.1 million consideration to be paid under the share purchase
agreement, the $118.9 million pertaining to the engineering,
procurement and construction ("EPC") Contract, and other development
costs and transactional expenses. In addition to act as the EPC
Contractor for the construction of the Stardale Project, Enfinity will
act as operations and maintenance provider under a fixed price
The Stardale Project: one of Canada's most important solar projects
With a forecast electric output estimated at 39 GWh, the Stardale
Project should be able to provide electricity to approximately 2,600
homes. The Stardale project is being developed on two parcels of land
totalling 300 acres, located in East-Hawkesbury, in the Russell County
of Ontario, Canada. The Stardale Project consists of a ground-mounted
PV array system, including a total of approximately 144,060 SolarWorld
SW 230 polycrystalline PV modules and 54 inverters, for a total
installed capacity of 27 MWAC (33.2 MWDC).
All of the energy, which will be delivered by the Stardale Project, will
be sold pursuant to three contracts granted under the Renewable Energy Standard Offer Program Contracts ("RESOP Contracts"), with the Ontario Power Authority ("OPA"). The
electricity rate to be received under the RESOP Contracts is fixed at
$ 420 per MWh. The RESOP Contracts have 20 -year terms which commence
on the commercial operation date of the Stardale Project.
Enfinity NV was founded in 2005 and is an established leader in commercial solar photovoltaic energy, with
operations in North America, Europe and Asia-Pacific. The company
finances, develops and builds solar PV projects and also owns its own
portfolio of renewable energy installations. Enfinity has been selected
to build some of the largest solar energy projects across the globe,
with 200 MW installed and operational worldwide. The company recently
announced three solar projects for municipalities in California.
Innergex Renewable Energy Inc. 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 23 operating
facilities with an aggregate net installed capacity of 401 MW; ii)
interests in 11 projects under development or under construction with
an aggregate net installed capacity of 306 MW for which power purchase
agreements have been secured; and iii) prospective projects of more
than 2,800 MW (net).
Some indicators referred to in this press release are not recognized
measures under Canadian GAAP, and therefore may not be comparable to
those presented by other issuers. Innergex believes that these
indicators are important, as they provide management and the reader
with additional information about its production and cash generation
capabilities and facilitate the comparison of results over different
This press release contains forward-looking information within the
meaning of applicable securities laws. All information and statements
other than statements of historical facts contained in this press
release are forward-looking information. Such statements and
information may be identified by looking for words such as "about",
"approximately", "may", "believes", "expects", "will", "intend",
"should", "plan", "predict", "potential", "project", "anticipate",
"estimate", "continue" or similar words or the negative thereof or
other comparable terminology. Such forward-looking information
includes, without limitation, statements with respect to: the benefits
which may accrue to Innergex and its shareholders as a result of the
acquisition, cash flows, power generation, growth prospects, business
strategy and plans, and objectives of or involving Innergex.
The forward-looking information is based on certain key expectations and
assumptions made by Innergex, including expectations and assumptions
concerning the timing, and availability of capital resources and
performance of operating facilities. Although Innergex believes that the expectations and assumptions on
which such forward-looking information is based are reasonable, undue
reliance should not be placed on the forward-looking information since
no assurance can be given that they will prove to be correct. Actual
results could differ materially from those currently anticipated due to
a number of factors and risks. These include, but are not limited to,
failure to secure project financing, potential undisclosed liabilities
associated with the acquisition, failure to realize the benefits of the
acquisition, energy generation and other risks generally attributable
to the business of Innergex. For additional information with respect
to risks and uncertainties, refer to the Annual Information Form of
Innergex filed by Innergex with the Canadian securities commissions.
SOURCE INNERGEX RENEWABLE ENERGY INC.
For further information:
Mr. Jean Trudel, MBA
Vice President - Finance and Investor Relations
Innergex Renewable Energy Inc.
Tel: (450) 928-2550, ext. 252
Ms. Edith Ducharme, LL.L.
Director - Financial Communications and Investor Relations
Innergex Renewable Energy Inc.
Tel: (450) 928-2550, ext. 222
Innergex website: www.innergex.com
Enfinity website: www.enfinity.ca