Innergex announces that the Umbata Falls hydroelectric plant is in commercial operation



    LONGUEUIL, QC, Jan. 8 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX:
INE) ("Innergex") announces that the performance tests made at the Umbata
Falls hydroelectric power plant satisfy the Ontario Power Authority ("OPA")
requirements. The official commercial operation start date is thus
retroactively set at November 12, 2008. Built in partnership with the Ojibways
of the Pic River First Nation, the plant will benefit from a power purchase
agreement with the OPA, with respect to all the power to be produced by the
facility during the next 20 years.
    Built within budget and respecting environmental protection practices,
the plant has a total installed capacity of 23 MW, provides an estimated
annual power output of about 109 GWh and an EBITDA estimated at more than
eight million dollars. With its 16.1% participation in the Innergex Power
Income Fund (TSX : IEF.UN), Innergex now holds 95 MW of net operating
installed capacity.
    As stated by Michel Letellier, President and Chief Executive Officer of
Innergex: "With Umbata Falls now in commercial operation, we are meeting our
business plan objectives for 2008. This also brings us an important step
closer towards attaining the target of 300 MW in net operating installed
capacity by 2012."
    The project is certified by EcoLogo and benefits from the ecoENERGY
Initiative of the Canadian federal government to support renewable energy in
Canada. The program provides a $10 per MWh incentive payment for the first ten
years of operation. According to Mr. Letellier: "The ecoENERGY program
supports the efforts of companies such as ours to protect the environment and
is evidence of the importance of such efforts to the federal government. As
such, it is an important program and we are very proud to be eligible,
environmental protection being an underlying value of Innergex."
    The construction of the Umbata Falls project began in the spring of 2006.
The plant is a run-of-river hydroelectric power generating facility located on
the White River, a tributary to Lake Superior, approximately 30 km southeast
of Marathon, Ontario.

    Innergex Renewable Energy Inc. is a leading developer, owner and operator
of run-of-river 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: i) interests in three operating facilities with an aggregate net
installed capacity of 61 MW (gross 141 MW); ii) interests in eight projects
with an aggregate net installed capacity of 245 MW (gross 440 MW) for which
power purchase agreements with public utilities have been secured or which are
eligible under the British Columbia Hydro and Power Authority Standing Offer
Program; and iii) prospective projects (gross expected capacity of more than
1,700 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 under the symbol "IEF.UN", and acts as its manager under long-term
management agreements. Innergex Power Income Fund owns interests in 12
projects in operation, with a total net installed capacity of 210 MW (gross
340 MW).

    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.
    %SEDAR: 00026108EF




For further information:

For further information: Ms. Edith Ducharme, Director, Financial
Communications and Investor Relations, Innergex Renewable Energy Inc, (450)
928-2550, educharme@innergex.com; Mr. Jean Trudel, MBA Vice President -
Finance and Investor Relations, Innergex Renewable Energy Inc, (450) 928-2550,
jtrudel@innergex.com

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Innergex Renewable Energy Inc.

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