MATTAWA, ON, March 17, 2015 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") and its partner the Algonquins of the Pikwàkanagàn First Nation announce that they are stopping further development of the Nodinosi prospective wind project located near Mattawa, Ontario.
"We strongly believe in a collaborative approach to project development, because social acceptability is essential to a successful project. The many concerns expressed by residents and local authorities have demonstrated that we do not have social acceptability for the Nodinosi project, nor the context to develop such a collaborative approach" says François Morin, Senior Advisor at Innergex. "We will not pursue a project without the appropriate level of support of the community."
The Nodinosi prospective wind project was located in the Townships of Phelps, Olrig and Mattawan of the Nipissing District. With a proposed installed capacity of approximately 150 MW, it was in the very early stages of development in view of a submission under the Independent Electricity System Operator's Large Renewable Procurement Request for Proposals, which is a competitive process for procuring large renewable energy projects in Ontario.
The Corporation continues to pursue the development of other prospective projects in view of submitting them under the current request for proposals in Ontario.
About Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc. 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 and British Columbia and in Idaho, USA. Its portfolio of assets currently consists of: (i) interests in 33 operating facilities with an aggregate net installed capacity of 687 MW (gross 1,194 MW), including 26 hydroelectric operating facilities, six wind farms, and one solar photovoltaic farm; (ii) interests in five projects under development or under construction with an aggregate net installed capacity of 208 MW (gross 319 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totaling 3,190 MW (gross 3,330 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P. Its shares are listed on the Toronto Stock Exchange under the symbol "INE".
The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital, and to distribute a stable dividend.
About the Algonquins of the Pikwàkanagàn First Nation
Algonquins of Pikwàkanagàn First Nation is a proud and progressive Algonquin community. It is the only federally recognized Algonquin community in Ontario. It is governed by one Chief and six Councillors elected every three years by voting membership of the Algonquins of Pikwàkanagàn First Nation, and whose mission is "to provide effective and fair Algonquin Government for the benefit of the First Nation." Pikwàkanagàn is situated on the shores of the Bonnechere River and Golden Lake in Renfrew County, Ontario.
Forward-Looking Information Disclaimer
In order to inform readers of the Corporation's future prospects, this press release contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"). Forward-Looking Information can generally be identified by the use of words such as "projected", "potential", "expect", "will", "should", "estimate", "forecasts", "intends", or other comparable terminology that states that certain events will or will not occur. It represents the estimates and expectations of the Corporation relating to future results and developments as of the date of this press release. Such information may not be appropriate for other purposes.
Although the Corporation believes that the expectations and assumptions on which Forward-Looking Information is based are reasonable, readers of this press release are cautioned not to rely unduly on this Forward-Looking Information since no assurance can be given that they will prove to be correct. 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 of this press release, unless so required by legislation.
SOURCE Innergex Renewable Energy Inc.
For further information: François Morin, Senior Advisor - Development, Partnerships & Community Relations, Eastern Region, 450 928-2550, ext. 322, [email protected]; Lydia Veilleux, Senior Advisor - Communications, 450 928-2550, ext. 224, [email protected]; www.innergex.com