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,
"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)
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.jpg
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