Innergex Announces Dividend Rates on Cumulative Rate Reset Preferred Shares, Series A and Cumulative Floating Rate Preferred Shares, Series B

• Series A shares rate reset dividends reset to 3.244% per annum
• Series B shares floating rate dividends set to 2.91% per annum for the first Quarterly Floating Rate Period

LONGUEUIL, QC, Jan. 8, 2021 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") announced today the applicable dividend rates for its Cumulative Rate Reset Preferred Shares, Series A ("Series A shares") and Cumulative Floating Rate Preferred Shares, Series B ("Series B shares").

With respect to any Series A shares that remain outstanding after January 15, 2021, commencing as of such date, the holders thereof will be entitled to receive fixed cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the 15th day (or, if such day is not a Business Day, the immediately following Business Day) of January, April, July and October in each year from and including January 15, 2021 to, but excluding, January 15, 2026. The dividend rate for the five-year period commencing on January 15, 2021 to but excluding January 15, 2026 will be 3.244% per annum, or $0.2027 per share per quarter, being equal to the sum of the Government of Canada Yield (as the term is defined in the Prospectus referred to below) on December 16, 2020 plus 2.79%.

With respect to any Series B shares that may be issued on January 15, 2021, the holders thereof will be entitled to receive floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the 15th day (or, if such day is not a Business Day, the immediately following Business Day) of January, April, July and October in each year (the "Quarterly Commencement Date"), in the annual amount per Series B Share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate from and including January 15, 2021 to, but excluding, April 15, 2021, and thereafter the period from and including the day immediately following the end of the immediately preceding Quarterly Floating Rate Period to, but excluding, the next succeeding Quarterly Commencement Date (the "Quarterly Floating Rate Period") will be equal to the sum of the T-Bill Rate (as the term is defined in the Prospectus referred to below) plus 2.79% per annum (calculated on the basis of the actual number of days in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. The dividend rate for the Quarterly Floating Rate Period commencing on January 15, 2021 to but excluding April 15, 2021 will be equal to 2.91% per annum, or $0.181875 per share per quarter, as determined in accordance with the terms of the Series B shares.

The Series A shares and Series B shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws. The Series A shares and the Series B shares may not be offered, sold or delivered, directly or indirectly, in the United States of America for the account or benefit of U.S. persons. This press release does not constitute an offer to sell or a solicitation of an offer to buy such securities in the United States.

For more information on the terms and risks associated with an investment in the Series A shares, the Series B shares and the conversion right of the beneficial owners thereof, please see the Corporation's prospectus dated September 7, 2010 which is available on sedar.com or on the Corporation's website at www.innergex.com.

About Innergex Renewable Energy Inc.
For more than 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 75 operating facilities with an aggregate net installed capacity of 2,742 MW (gross 3,694 MW) and an energy storage capacity of 150 MWh, including 37 hydroelectric facilities, 32 wind farms and six solar farms. Innergex also holds interests in 10 projects under development, four of which are under construction, with a net installed capacity of 555 MW (gross 629 MW) and an energy storage capacity of 329 MWh, as well as prospective projects at different stages of development with an aggregate gross capacity totaling 6,871 MW. Its approach to building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.

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 intention to pay dividend quarterly, 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.

Such information is intended to inform readers of the Corporation's ability to sustain current dividends. Such information may not be appropriate for other purposes.

Forward-looking Information is based on certain key assumptions made by Innergex, including the intention of the Corporation to declare dividends. Although Innergex believes that the expectations and assumptions on which such forward-looking information is based are reasonable, under the current circumstances, readers are cautioned not to rely unduly on this forward-looking information as no assurance can be given that they will prove to be correct. The forward-looking information contained in this press release is made as of the date hereof and Innergex 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 so required by law.

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 2019 Annual Report.

SOURCE Innergex Renewable Energy Inc.

Jean-François Neault, Chief Financial Officer, 450 928-2550, ext. 1207, [email protected], www.innergex.com; Karine Vachon, Senior Director - Communications, 450 928-2550, ext. 1222, [email protected]

Related Links

www.innergex.com