Innergex Renewable Energy Inc. Files Final Prospectus for its $115,005,000 Initial Public Offering



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES/

    /NOT FOR DISTRIBUTION INTO OR IN THE UNITED STATES, FRANCE OR THE UNITED
    KINGDOM. THIS PRESS RELEASE IS NOT AN OFFER TO SELL SECURITIES, OR THE
    SOLICITATION OF AN OFFER TO BUY SECURITIES IN THE UNITED STATES, FRANCE,
    THE UNITED KINGDOM OR IN ANY OTHER JURISDICTION/

    LONGUEUIL, QC, Nov. 28 /CNW Telbec/ - Innergex Renewable Energy Inc. (the
"Corporation") today filed with the Autorité des marchés financiers and the
Canadian Securities Administrators of the other provinces in Canada its final
prospectus relating to the initial public offering of its common shares
further to the filing of a preliminary prospectus on October 26, 2007 and an
amended and restated preliminary prospectus on November 2, 2007. The
prospectus qualifies the public offering of 10,455,000 common shares at a
price of $11.00 per common share for total gross proceeds of $115,005,000. The
offering is expected to close on or about December 6, 2007.
    The offering is being made through a syndicate of underwriters co-led by
BMO Capital Markets and CIBC World Markets Inc. (the "Co-Lead Underwriters")
who are acting as joint book-runners for the offering. The syndicate of
underwriters also includes RBC Dominion Securities Inc., TD Securities Inc.,
Desjardins Securities Inc., National Bank Financial Inc., Canaccord Capital
Corporation and Dundee Securities Corporation (collectively, together with the
Co-Lead Underwriters, the "Underwriters"). Innergex Renewable Energy Inc. is
represented by McCarthy Tétrault LLP and the Underwriters are represented by
Borden Ladner Gervais LLP in connection with the offering.
    Régimes des Rentes du Mouvement Desjardins, Caisse de Dépôt et Placement
du Québec, TD Capital Group Limited and Kruger Inc. Master Trust, as selling
shareholders, have granted the Underwriters an over-allotment option to
purchase, in aggregate, up to an additional 1,045,000 common shares
exercisable at $11.00 per common share.

    The Toronto Stock Exchange (the "TSX") has conditionally approved the
    listing of the common shares of the Corporation under the symbol "INE",
    subject to the Corporation fulfilling all of the listing requirements of
    the TSX.

    The Corporation's final prospectus is now available on the SEDAR website
at http://www.sedar.com.

    Innergex Renewable Energy Inc. is an independent developer and operator
of renewable power generating facilities and is one of the most active in the
Canadian renewable power industry with a focus on hydroelectric and wind
projects. The Corporation's management team has been involved in the renewable
power industry since 1990 and has brought to commercial operation or
refurbished, through different entities, 11 hydroelectric and two wind power
facilities, representing an aggregate installed capacity of 348 MW. Following
closing of the proposed initial public offering, Innergex Renewable Energy
Inc. will own 16.1% and remain the manager of the Innergex Power Income Fund,
a publicly traded income fund listed on the Toronto Stock Exchange. In
addition, the Corporation will own a portfolio of projects which consists of
one operating facility (8 MW), interests in nine development projects with
power purchase agreements (gross expected capacity of 565 MW) under
construction or to be constructed between 2008 and 2012 and 21 prospective
projects (gross expected capacity of 1,638 MW).

    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy common shares of Innergex Renewable Energy
Inc. The common shares have not been and will not be registered under the
United States Securities Act of 1933, as amended, or applicable state
securities laws, and the common shares may not be offered or sold in the
United States absent registration or an applicable exemption from
registration. Innergex Renewable Energy Inc. does not intend to proceed with
the registration of the common shares under the United States Securities Act
or to make a public offer in the United States.




For further information:

For further information: Jean Trudel, MBA, Vice President - Finance and
Investor Relations, Innergex Renewable Energy Inc., (450) 928-2550,
jtrudel@innergex.com


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