LONGUEUIL, QC, July 17, 2012 /CNW Telbec/ - Innergex Renewable Energy
Inc. (TSX: INE) ("Innergex" or the "Corporation") announces that it has
exercised a portion of the accordion feature on its revolving term
credit facility, increasing its borrowing capacity from $350 million to
$425 million. All terms and conditions remain unchanged, including an
August 2016 maturity.
The banking syndicate for the facility includes The Toronto-Dominion
Bank as administrative agent and lender, Bank of Montreal as
syndication agent and lender, and Canadian Imperial Bank of Commerce,
Caisse centrale Desjardins, National Bank of Canada, The Bank of Nova
Scotia, and Laurentian Bank of Canada, also as lenders.
Michel Letellier, President and Chief Executive Officer of the
Corporation, stated that "this increase of our credit facility provides
us the flexibility to select an appropriate time to access the capital
markets in order to finance the recently announced acquisition of the
Brown Lake and Miller Creek hydroelectric facilities, which is expected
to close by the end of July 2012."
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 26 operating facilities with an aggregate
net installed capacity of 494 MW (gross 880 MW), including 20
hydroelectric operating facilities, five wind farms, and one solar
photovoltaic farm; (ii) interests in 9 projects under development or
under construction with an aggregate net installed capacity of 231 MW
(gross 374 MW), for which power purchase agreements have been secured;
and (iii) prospective projects with an aggregate net capacity totaling
2,844 MW (gross 2,977 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
The forward-looking information is based on certain key expectations and
assumptions made by Innergex as of the date of this press release,
including 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. 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
Tel.: 450-928-2550, ext. 222