LONGUEUIL, QC, Nov. 25, 2011 /CNW Telbec/ - Innergex Renewable Energy
Inc. (TSX: INE) ("Innergex" or the "Corporation") is proud to announce
it has begun commercial operation of its Montagne-Sèche wind farm,
located in the township municipalities of Cloridorme and Petite-Vallée,
in the Gaspé Peninsula, Quebec.
"We are very pleased to expand to four the number of wind farms
operating in Quebec. Once again, our Cartier Wind Energy partnership
has enabled us to build a project and bring it to commercial operation
successfully, slightly ahead of scheduled commercial operation date",
declared Mr. Michel Letellier, President and Chief Executive Officer of
the Corporation. Montagne-Sèche 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 also committed to making contributions
totaling $1.5 million to the two township communities over the next 20
years. "We value the opportunity to contribute to the economic
development of our host communities, which reflects our values and our
way of doing business" noted Mr. Letellier.
The Montagne-Sèche wind farm, in which Innergex owns a 38% interest and
a 50% management stake, comprises 39 wind turbines with a total
installed capacity of 58.5 MW and an estimated yearly energy output of
193,400 MWh, enough to power more than 7,000 Quebec homes each year. It
is expected to produce revenues of approximately $5.0 million annually
for the Corporation. One of the few wind farms in the province built
entirely on public lands, it has a 20-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 24 operating facilities with an aggregate net installed capacity of
422.7 MW (gross 746.3 MW), including 20 hydroelectric operating
facilities and four wind farms; (ii) interests in 11 projects under
development or under construction with an aggregate net installed
capacity of 301.8 MW (gross 507.8 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)
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.
SOURCE INNERGEX RENEWABLE ENERGY INC.
For further information:
Marie-Josée Privyk, CFA
Director - Investor Relations
Innergex Renewable Energy Inc.
Tel.: 450-928-2550, ext. 222