LONGUEUIL, QC, Jan. 11, 2013 /CNW Telbec/ - Innergex Renewable Energy
Inc. (TSX: INE) ("Innergex" or the "Corporation") announces that its
Upper Lillooet Hydro Project ("ULHP") has been issued an Environmental
Assessment Certificate by the province of British Columbia.
ULHP comprises three proposed run-of-river hydroelectric facilities with
a total gross installed capacity of 113 MW: Upper Lillooet (74 MW),
Boulder Creek (23 MW), and North Creek (16 MW). These projects are
located on Crown land, from 38 km to 70 km northwest of Pemberton,
British Columbia. Each of these projects has been awarded a 40-year
power purchase agreement by BC Hydro, as part of its 2008 Clean Power
Call Request for Proposals. The developer of the ULHP, Creek Power
Inc., is a joint venture between Innergex (which owns 66.67%) and
Ledcor Power Group Ltd. (which owns 33.33%).
"The environmental assessment process is rigorous and thorough,
requiring extensive analysis and consultations with government
agencies, the Lil'wat Nation, multiple stakeholders, and the public. We
are very proud that the ULHP has achieved this important milestone"
stated Michel Letellier, President and Chief Executive Officer of the
Corporation. "We continue to advance the development of this project,
seeking to obtain all necessary permits and licenses, as well as
long-term project financing" he added. The Corporation expects to start
construction on the Boulder Creek and Upper Lillooet facilities in 2013
and on the North Creek facility in 2014.
Last August, Environmental Assessment Certificates were also issued to
two other proposed run-of-river hydroelectric facilities located in
British Columbia, with a total gross installed capacity of 58 MW:
Tretheway Creek (21 MW) and Big Silver-Shovel Creek (37 MW). Innergex
owns a 100% interest in each of these projects. The Corporation expects
to start construction on both projects in 2013, and is currently in the
process of securing all necessary permits and licenses, as well as
long-term project financing.
About Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc. (TSX: INE) is a leading Canadian
independent renewable power producer. Active since 1990, the Company
develops, owns, and operates run-of-river hydroelectric facilities,
wind farms, and solar photovoltaic farms and carries out its operations
in Quebec, Ontario, British Columbia, and Idaho, USA. Its portfolio of
assets currently consists of: (i) interests in 28 operating facilities
with an aggregate net installed capacity of 577 MW (gross 1,031 MW),
including 22 hydroelectric operating facilities, five wind farms, and
one solar photovoltaic farm; (ii) interests in eight projects under
development or under construction with an aggregate net installed
capacity of 188 MW (gross 263 MW), for which power purchase agreements
have been secured; and (iii) prospective projects with an aggregate net
capacity totaling 2,904 MW (gross 3,127 MW). Innergex Renewable Energy
Inc. is rated BBB- by S&P and BBB (low) by DBRS.
The Corporation's strategy for building shareholder value is to develop
or acquire high-quality facilities generating sustainable cash flows
and providing a high return on invested capital, and to distribute a
Forward-Looking Information Disclaimer
This press release contains forward-looking information within the
meaning of securities legislation. 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 power generation, growth
prospects, power purchase agreement, 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 as of the date of this press release,
including expectations and assumptions concerning project development,
performance of operating facilities, estimates, forecasts and opinions
of the Corporation. 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,
execution of strategy, capital resources, derivative financial
instruments, hydrology, wind, and solar regimes, energy generation,
equipment failure, performance of third-party suppliers 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 on SEDAR's website at www.sedar.com. The forward-looking information contained herein is made as of the
date of this press release and the Corporation does not undertake any
obligation to update or revise any forward-looking information, whether
as a result of events or circumstances occurring after the date hereof,
unless required by legislation.
SOURCE: INNERGEX RENEWABLE ENERGY INC.
For further information:
Marie-Josée Privyk, CFA
Director - Investor Relations
450-928-2550, ext. 222
In British Columbia:
Director - Public Affairs, Western Region
504-633-9990, ext. 298