LONGUEUIL, QC, Dec. 20 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) and the Rivière-du-Loup MRC announce that they have been selected to be awarded a Power Purchase Agreement ("PPA") by Hydro-Québec Distribution pertaining to the Viger-Denonville Community Wind Farm Project, submitted on July 6, 2010 under the Call for Tenders for 250 MW originating from community projects. The project of Innergex and the Rivière-du-Loup MRC will have a total installed capacity of 24.6 MW, and its commercial operation is scheduled to begin in 2013. Hydro-Québec's announcement today of this award will allow Innergex and the Rivière-du-Loup MRC to continue the development of this project. The PPA is subject to approval by Québec's Régie de l'énergie.
Michel Lagacé, Préfet of the Rivière-du-Loup MRC : "We are obviously very happy that this project was accepted. It represents not only a wonderful opportunity for our region, but also and especially for the two municipalities where the wind farm will be built. Substantial local benefits are anticipated and will be fantastic development springboards for these two devitalized communities."
As Michel Letellier, President and CEO of Innergex, explains: "The collaboration between Innergex and the Rivière-du-Loup MRC is excellent and we expect the relationship to remain harmonious as we carry out the Viger-Denonville Community Wind Farm Project."
A community wind farm project with a total capacity of 24.6 MW
The Viger-Denonville Community Wind Farm Project will be located in the municipalities of Saint-Paul-de-la-Croix and of Saint-Épiphane, in the region of Bas-Saint-Laurent, in the province of Québec. The Project will be comprised of 12 wind turbines with a total installed capacity of 24.6 MW. Under the terms of the partnership, the MRC and Innergex will each have a 50% equity interest in the project. The 12 wind turbines will be located between the 3rd RR West and the 5th RR West in Saint-Paul-de-la-Croix, and south of 4th RR East in Saint-Épiphane.
Innergex, founded 20 years ago, has a solid experience in the development of wind energy projects in Québec. Innergex already operates three wind farms through its participation in Cartier Wind Energy. Located in Baie-des-Sables, L'Anse-à-Valleau, and Carleton, in the Gaspé Peninsula, these projects have a total installed capacity of 319.5 MW (121 MW net). Three other wind farms are under construction: Gros Morne (Phases I and II) and Montagne-Sèche, which will have a total installed capacity of 270 MW (103 MW net). Innergex's interest in all these projects is 38%, for a net total installed capacity of 224 MW.
The Rivière-du-Loup MRC is an autonomous entity encompassing several municipalities, which was created on January 1st, 1982, pursuant to the Act Respecting Land Use Planning and Development. Its administrative boundaries enclose a territory extending over 1,267.45 km2, comprised of 13 local municipalities with a total of 34,299 residents.
Innergex Renewable Energy Inc. is a leading developer, owner and operator of run-of-river hydroelectric facilities and wind energy projects in North America. Innergex's management team has been involved in the renewable power industry since 1990. Innergex owns a portfolio of projects which consists of: i) interests in 17 operating facilities with an aggregate net installed capacity of 326 MW; ii) interests in 7 projects under development or under construction with an aggregate net installed capacity of 203 MW for which power purchase agreements have been secured; and iii) prospective projects of more than 2,000 MW (net).
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 at the date they were made. Innergex does not undertake to update forward-looking statements except in accordance with applicable laws.
For further information: For further information:
Mr. Michel Lagacé
Préfetof the Rivière-du-Loup MRC
Cell.: 418 868-9313
Tel.: 418 867-2485
Ms. Julie Boudreau
Director - Public Affairs
Innergex Renewable Energy Inc.
Cell.: 514 235-9987
Tel.: 450 928-2550, ext. 335
Ms. Edith Ducharme, LL.L.
Director - Financial Communications and Investor Relations
Innergex Renewable Energy Inc.
Tel.: 450 928-2550, ext. 222