Innergex and Indigenous Partners Secure Selection of 3 Wind Projects in BC Hydro's Latest Request for Proposals

• Three wind projects co-developed with Indigenous partners representing a combined gross capacity of 560 MW
• Solidifies Innergex's position as the leading independent power producer in British Columbia
• These projects underscore Innergex's commitment to advancing renewable energy growth in British Columbia, while supporting local and Indigenous communities
• Innergex acknowledges and values the trust its Indigenous partners have placed in the Corporation by selecting it as their partner
• Continuous cash flow for 30 years, indexed to inflation

LONGUEUIL, QC, Dec. 9, 2024 /CNW/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is proud to announce that three of its wind projects, co-developed with Indigenous partners, have been selected in BC Hydro's most recent Request for Proposals (RFP) for new renewable energy generation. Representing a combined gross capacity of 560 MW, this achievement highlights Innergex's leadership in Canada and in British Columbia, and its expertise in developing renewable energy projects in partnership with Indigenous communities that bring significant economic and environmental benefits to local communities.

"We are proud that all three of our projects selected in BC Hydro's RFP are built on strong partnerships with Indigenous communities, and we are looking forward to collaborating closely with BC Hydro and our partners to bring these projects to fruition," said Michel Letellier, President and Chief Executive Officer of Innergex. "Together with our partners, we aim to create projects that not only generate clean energy, but also provide lasting and meaningful benefits to Indigenous communities. This milestone underscores the strength of our development portfolio, our commitment to delivering competitive renewable energy projects, and our dedication to advancing British Columbia's energy transition. Expanding our Canadian wind portfolio through these projects adds incremental diversification benefits and demonstrates our commitment to disciplined growth and creating value for all stakeholders.''

The Selected Projects:

• K2 Wind Project: The 160 MW K2 Wind Project is situated in the Central Interior of B.C., 33 km west of Peachland/Westbank. This project is a collaboration between Westbank First Nation (51% equity) and Innergex (49%).
  
  
• Nithi Mountain Wind Project: Located in the Bulkley-Nechako region of Northern B.C., the 200 MW Nithi Mountain Wind Project is developed in partnership with Stellat'en First Nation (51% equity) and Innergex (49%).
  
  
• Stewart Creek Wind Project: In partnership with the West Moberly First Nations (51% equity), this 200 MW wind energy project in the Peace Region of Northeastern B.C. is co-developed with Innergex (49%).

Scheduled for commercial operations between 2030-2031, the power purchase agreements with BC Hydro (S&P credit rating: AA-) are expected to be structured as a 30-year take-or-pay contract, indexed to a predefined percentage of the Consumer Price Index ("CPI").

The projects are subject to the execution of contracts with BC Hydro and suppliers, and to the successful completion of permit application processes and regulatory requirements.

About Innergex Renewable Energy Inc.
For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 89 operating facilities with an aggregate net installed capacity of 3,377 MW (gross 4,332 MW), including 42 hydroelectric facilities, 35 wind facilities, 9 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 14 projects under development with a net installed capacity of 991 MW (gross 1,334 MW), 2 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 9,807 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital. To learn more, visit innergex.com or connect with us on LinkedIn.

Cautionary Statement Regarding Forward-Looking Information
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"), including the Corporation's growth targets, power production, prospective projects, successful development, construction and financing (including tax equity funding) of the projects under construction and the advanced-stage prospective projects, sources and impact of funding, project acquisitions, execution of non-recourse project-level financing (including the timing and amount thereof), and strategic, operational and financial benefits and accretion expected to result from such acquisitions, business strategy, future development and growth prospects (including expected growth opportunities under the Strategic Alliance with BC Hydro), business integration, governance, business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as "approximately", "may", "will", "could", "believes", "expects", "intends", "should", "would", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or "forecasts", or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release.

Forward-Looking Information includes future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the Corporation's targeted production, the estimated targeted revenues and production tax credits, targeted Revenues and Production Tax Credits Proportionate, targeted Adjusted EBITDA and targeted Adjusted EBITDA Proportionate, targeted Free Cash Flow, targeted Free Cash Flow per Share and intention to pay dividend quarterly, the estimated project size, costs and schedule, including obtainment of permits, start of construction, work conducted and start of commercial operation for Development Projects and Prospective Projects, the Corporation's intent to submit projects under Requests for Proposals, the qualification of U.S. projects for PTCs and ITCs and other statements that are not historical facts. Such information is intended to inform readers of the potential financial impact of expected results, of the expected commissioning of Development Projects, of the potential financial impact of completed and future acquisitions and of the Corporation's ability to pay a dividend and to fund its growth. Such information may not be appropriate for other purposes.

Forward-Looking Information is based on certain key assumptions made by the Corporation, including, without restriction, those concerning hydrology, wind regimes and solar irradiance; performance of operating facilities, acquisitions and commissioned projects; availability of capital resources and timely performance by third parties of contractual obligations; favourable economic and financial market conditions; average merchant spot prices consistent with external price curves and internal forecasts; no material changes in the assumed U.S. dollar to Canadian dollar and Euro to Canadian dollar exchange rate; no significant variability in interest rates; the Corporation's success in developing and constructing new facilities; no adverse political and regulatory intervention; successful renewal of PPAs; sufficient human resources to deliver service and execute the capital plan; no significant event occurring outside the ordinary course of business such as a natural disaster, pandemic or other calamity; continued maintenance of information technology infrastructure and no material breach of cybersecurity.

For more information on the risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the forward-looking information or on the principal assumptions used to derive this information, please refer to the "Forward-Looking Information" section of the Management's Discussion and Analysis for the three months ended September 30, 2024.

SOURCE Innergex Renewable Energy Inc.

For information: Jade Lachapelle, Advisor - Communications, 450 928-2550, ext. 1302, [email protected], www.innergex.com; Naji Baydoun, Director - Investor Relations, 450 928-2550, ext. 1263, [email protected]