- First project from the 2009 community call for power to be commissioned
- Electricity to power approximately 4,000 Quebec households each year
- Commissioning completed on time and on budget
LONGUEUIL, QC, Nov. 19, 2013 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") and the Rivière-du-Loup Regional County Municipality ("RCM") announce the commissioning of the 24.6 MW Viger-Denonville wind farm located in Quebec, Canada.
"Commissioning this wind farm is a source of great pride for the Rivière-du Loup RCM. It is the result of great teamwork and the realization of a vision for the development of our region. During its operation, this wind farm is expected to generate direct financial benefits totalling approximately $22.0 million over 20 years for the 12 shareholder-municipalities", declares Michel Lagacé, Warden of the RCM.
"As manager and co-owner of the Viger-Denonville wind farm, we are very pleased to have realized this project in partnership with the Rivière-du-Loup RCM", states Michel Letellier, President and Chief Executive Officer of the Corporation. "This marks the first project from the 250 MW in wind energy from community projects awarded by Hydro-Quebec in 2009 to reach commissioning", adds Mr. Letellier.
Developed by Parc éolien communautaire Viger-Denonville, s.e.c., a joint venture owned 50/50 by the Corporation and the Rivière-du-Loup RCM, the 24.6 MW Viger-Denonville wind farm comprising 12 wind turbines is located entirely on private lands in the Quebec municipalities of Saint-Paul-de-la-Croix and Saint-Épiphane. Construction began in the spring of 2013 and was completed in early November, on time and on budget, notably as a result of the exceptional work and active collaboration of the turbine manufacturer Repower Systems Inc., the engineering, procurement and construction contractor Boréa Construction, and the project team. The wind farm's average annual production is estimated to reach 67,600 MWh, enough to power approximately 4,000 Quebec households each year. In its first full year of operation, it is expected to generate revenues and Adjusted EBITDA of approximately $10.3 million and $8.4 million respectively. All of the electricity it will produce is covered by a 20-year fixed-price power purchase agreement with Hydro-Québec obtained under that province's 2009 Request for Proposals and providing for an annual adjustment to the selling price based on a portion of the Consumer Price Index.
About the Rivière-du-Loup RCM
The Rivière-du-Loup RCM is an autonomous supranational organization created more than 30 years ago. Its administrative boundaries cover an area of 1,265.45 km2 comprising 13 local municipalities and a population of 34,299 people. Over the years, new legal and administrative responsibilities have been added to its original mandate of land use planning, such that today the MRC has become an essential actor in the economic, social and cultural development of the territory.
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 and British Columbia and in Idaho, USA. Its portfolio of assets currently consists of: (i) interests in 30 operating facilities with an aggregate net installed capacity of 629 MW (gross 1,096 MW), including 23 hydroelectric operating facilities, six wind farms, and one solar photovoltaic farm; (ii) interests in seven projects under development or under construction with an aggregate net installed capacity of 252 MW (gross 388 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totaling 2,900 MW (gross 3,125 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P and BB (high) by DBRS (unsolicited rating).
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 stable dividend.
Non-IFRS Measures Disclaimer
Investors are cautioned that Adjusted EBITDA is not a measure recognized by IFRS and has no meaning prescribed by it, and therefore may not be comparable to those presented by other issuers. Innergex believes that this indicator is important, as it provides management and the reader with additional information about its cash generation capabilities and facilitates the comparison of results over different periods. References to "Adjusted EBITDA" are to operating revenues less operating expenses, general and administrative expenses and prospective project expenses. Investors are cautioned that this non-IFRS measure should not be construed as an alternative to net earnings as determined in accordance with IFRS.
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 terminology.
The forward-looking information includes forward-looking financial information or financial outlook, within the meaning of securities laws, such as the estimated electricity production, operating revenues and Adjusted EBITDA to inform investors of the potential financial impact of the Viger-Denonville wind farm on the Corporation's results. Such information may not be appropriate for other purposes.
The forward-looking information is based on certain key expectations and assumptions made by Innergex as of the date of this press release, including expectations and assumptions concerning performance of the facility, as well as 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. These include, but are not limited to changes in wind regimes, variability of project performance and related penalties, equipment failure, and other risks generally attributable to the business of Innergex. 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.
Image with caption: "Viger-Denonville community wind farm in Quebec (CNW Group/Innergex Renewable Energy Inc.)". Image available at: http://photos.newswire.ca/images/download/20131119_C8594_PHOTO_EN_33478.jpg
SOURCE: Innergex Renewable Energy Inc.
For further information:
Director - Public Affairs
450 928-2550, ext. 335
Warden of the Rivière-du-Loup RCM
Cell.: 418 868-9313
Tel.: 418 867-2485