Innergex enters into an Electricity Purchase Agreement for its Fitzsimmons Creek Hydroelectric Project

    LONGUEUIL, QC, June 25 /CNW Telbec/ - Innergex Renewable Energy Inc.
(TSX: INE) ("Innergex" or the "Corporation") is pleased to announce the
signature of a 40-year Electricity Purchase Agreement ("EPA") with British
Columbia Hydro and Power Authority ("BC Hydro") under the Standing Offer
Program ("SOP") in respect of the Fitzsimmons Creek Hydroelectric Project. The
EPA is subject to the usual approval by the British Columbia Utilities
    As stated by Mr. Michel Letellier, President and Chief Executive Officer
of the Corporation, "The Fitzsimmons Creek Project is one of the first hydro
projects to execute an EPA with BC Hydro under this new program. The SOP
offers a standard contract with set prices and a streamlined administrative
process. This gives a smaller scale project, such as Fitzsimmons Creek, the
opportunity to contribute 33,000 MW-hr per year to B.C.'s supply of clean
electricity. According to Whistler Blackcomb, this is the equivalent of
powering the ski resort's winter and summer operations including 38 lifts, 17
restaurants, 269 snowguns and countless other buildings and services."
    The Fitzsimmons Creek Project is a run-of-river hydroelectric power
generating facility currently under construction with an expected nameplate
capacity of 7.5 MW and an estimated yearly energy output of 33,000 MW-hr. It
is located on Fitzsimmons Creek, between the Whistler and Blackcomb mountains
in the Resort Municipality of Whistler, British Columbia. Construction of the
Fitzsimmons Creek Project began in July 2008 with a construction budget of
$33.2 million. Construction is progressing on time and on budget, and the
Project is expected to be in commercial operation before the end of 2010. The
Corporation also expects that the Fitzsimmons Creek Project will be eligible
for the ecoENERGY Initiative. Innergex holds 66 2/3% of the Fitzsimmons Creek
Project and Ledcor Power Group Ltd. holds the remaining 33 1/3%.

    Innergex Renewable Energy Inc. is a leading developer, owner and operator
of run-of-river 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: i) interests in three operating facilities with an aggregate net
installed capacity of 60.9 MW (gross 140.5 MW); ii) interests in two projects
under construction and five projects under development with an aggregate net
installed capacity of 197.5 MW (gross 392.3 MW) for which power purchase
agreements with public utilities have been secured or which are eligible under
the British Columbia Hydro and Power Authority Standing Offer Program; and
iii) prospective projects of more than 1,600 MW (gross capacity of more than
1,800 MW). Innergex Renewable Energy Inc. also owns 16.1% of the Innergex
Power Income Fund, a publicly traded income fund listed on the Toronto Stock
Exchange under the symbol "IEF.UN", and acts as its manager under long-term
management agreements. Innergex Power Income Fund owns interests in 12
projects in operation, with a total net installed capacity of 210 MW (gross
340 MW).

For further information:

For further information: Ms. Edith Ducharme, LL.L., Director, Financial
Communications and Investor Relations, Innergex Renewable Energy Inc., (450)
928-2550, ext. 222,; Mr. Jean Trudel, MBA, Vice
President, Finance and Investor Relations, Innergex Renewable Energy Inc.,
(450) 928-2550, ext. 252,;

Organization Profile

Innergex Renewable Energy Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890