Innergex Renewable Energy Inc. listed on the Toronto Stock Exchange



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    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, Dec. 6 /CNW Telbec/ - Innergex Renewable Energy Inc. (the
"Corporation") is pleased to announce that, starting today, it is listed on
the Toronto Stock Exchange ("TSX") under the ticker INE. The Corporation
successfully completed the public offering of 10,455,000 common shares at a
price of $11.00 per common share for total gross proceeds of more than      
$115 million, and fulfilled all the listing requirements of the TSX.
    Innergex Renewable Energy Inc. is a renewable energy producer that owns
an impressive portfolio of hydroelectric facilities and wind farms projects,
ensuring growth in its revenues and assets for years to come. The Corporation
presently owns more than 2,200 MW in hydroelectric or wind energy projects in
Canada, including:

    
    - An 8-MW operating hydroelectric facility selling power to Ontario Power
      Authority under a 20-year long-term power purchase agreement ("PPA");

    - Interests in 5 hydroelectric projects and 4 wind energy projects for a
      total gross capacity of 565 MW. These projects will sell the power
      produced to Ontario Power Authority, Hydro-Québec and BC Hydro for
      20 to 30 years pursuant to long-term PPAs. Three of these projects,
      representing a total gross capacity of 182.4 MW, are presently under
      construction and are expected to be commissioned in 2008 and 2009;

    - A portfolio of 21 prospective projects representing an expected
      capacity of 1,638 MW. Three of these projects representing 322.5 MW
      were submitted to Hydro-Québec's request for proposals in
      September 2007;

    The Corporation also owns 16.1% of Innergex Power Income Fund (the "Fund",
TSX: IEF.UN) trust units. This important investment in the Fund, which owns
interests in 12 renewable energy projects of a total installed capacity of
339.9 MW, will provide the Corporation with more than $4.7 million of
distributions per year. The Corporation continues to ensure the management and
administration of the Fund under long-term management agreements, providing it
management revenues and annual incentive fees.
    Innergex Renewable Energy Inc. can rely on the experience of its
management team which, over the last 16 years, 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.
Since 2003, Innergex Renewable Energy Inc.'s team has also managed the growth
of the Fund that saw its net installed capacity triple in less than 5 years.
In addition, Innergex Renewable Energy Inc. is ahead of the industry with its
renewable energy development approach of maintaining harmonious relations with
communities.
    Innergex Renewable Energy Inc.'s management team has a high success rate
in being awarded PPA for projects which it has bid pursuant to requests for
proposals. The team is also recognised for its steady track record of meeting
construction schedules and budgets and for its expertise in the evaluation of
the long-term average production of hydroelectric facilities and wind farms.
For instance, in 2004, the Corporation and its partner were awarded the 740 MW
for which they bid in the 1,000 MW wind request for proposals issued by
Hydro-Québec. Among these, the first wind energy project of Baie-des-Sables in
Québec was successfully completed within its total construction costs budget
and was commissioned in November 2006 as forecasted. For the first nine months
of 2007, the wind farm performed 13.8 % above its forecasted long term average
due to winds proportionally stronger than expected for that period.
    The management team as well as the institutional investors that were
financial partners of the Corporation before the closing of the offering,
namely the Régime de Rentes du Mouvement Desjardins, Caisse de Dépôt et
Placement du Québec, Sun Life Assurance Company of Canada, TD Capital Group
Limited and Kruger Inc. Master Trust, have shown their confidence in the
Corporation by keeping a financial participation that represents 55.5% of the
outstanding common shares. Certain of the institutional investors 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. In
the event the Underwriters exercise this option, the management team and the
institutional investors would have a participation representing at minimum
51.1% of the outstanding common shares.
    With the closing of the offering and the concurrent re-investment, a
number of 23,500,000 common shares will be outstanding.
    The offering was made through a syndicate of underwriters co-led by BMO
Capital Markets and CIBC World Markets Inc. (the "Co-Lead Underwriters") who
acted 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.
    The Corporation's final prospectus is now available on the SEDAR website
at http://www.sedar.com.
    As mentioned previously, Innergex Renewable Energy Inc. acquired, by way
of private placement, ownership and control over 4,724,409 units of the Fund,
representing approximately 16.1% of the Fund's currently issued and
outstanding units. This press release is also being issued under the early
warning provisions of Canadian provincial securities legislation.
    The Corporation purchased the units of the Fund for investment purposes
only. Depending on market conditions and other factors that the Corporation
may deem material to its investment decisions, the Corporation may in the
future acquire units or other securities of the Fund, in the open market or in
privately negotiated purchases or otherwise, and may also, depending on
then-current circumstances, dispose of all or a portion of such units or other
securities of the Fund, in one or more transactions, in each case to the
extent then permitted by applicable law and regulation.
    The name, telephone number and address of the individual to contact in
order to obtain a copy of the early warning report of the Corporation is: Mr.
Jean Trudel, Vice President - Finance and Investor Relations, Innergex
Renewable Energy Inc., 1111 St-Charles Street West, East Tower - Suite 1255,
Longueuil, Québec, J4K 5G4, Tel: (450) 928-2550 ext. 252.

                                 -----------

    Innergex Renewable Energy Inc. (the "Corporation") is a developer and
operator of 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 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). Innergex Renewable
Energy Inc. owns 16.1% of Innergex Power Income Fund trust units, a publicly
traded income fund listed on the Toronto Stock Exchange (IEF.UN), and act as
its manager under long-term management agreements.

    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.
    




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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