ACQUISITION OF TWO WIND FARMS IN FRANCE FOR 43 MW
- Revenues increased 56% to $108.2 million compared with the same period last year.
- Adjusted EBITDA rose 60% to $81.8 million compared with the same period last year.
- Innergex and Desjardins Group Pension Plan completed the acquisition of the Plan Fleury and Les Renardières wind facilities in France with a total aggregate installed capacity of 43 MW.
- Innergex announced that it had entered into an arrangement agreement to acquire Alterra Power Corp. for an aggregate consideration of $1.1 billion, significantly increasing its US presence and accelerating its growth profile.
(All amounts are in Canadian dollars, except as noted.)
LONGUEUIL, QC, Nov. 9, 2017 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") today released its operating and financial results for the third quarter ended September 30, 2017.
"In the past quarter, we are proud to have completed our fourth acquisition of wind farms in France. The addition of our recently commissioned and acquired facilities contributed to our growth in revenues and Adjusted EBITDA," said Michel Letellier, President and Chief Executive Officer of the Corporation.
"We are pleased with our latest announcement regarding our intention to acquire all of the issued and outstanding common shares of Alterra Power Corp. This highly strategic acquisition will bring our overall net power generation capacity to 1,606 MW, up over 40% pro forma, in addition to accelerating Innergex's growth profile in the United States," he added.
| OPERATING RESULTS |
||||||||
| Amounts shown are in thousands of Canadian |
Three months ended September 30 |
Nine months ended September 30 |
||||||
| 2017 |
2016 |
2017 |
2016 |
|||||
| Power generated (MWh) |
1,243,099 |
831,840 |
3,288,151 |
2,672,678 |
||||
| Long-term average (MWh) |
1,374,068 |
924,439 |
3,631,564 |
2,526,725 |
||||
| Revenues |
108,234 |
69,255 |
292,290 |
219,520 |
||||
| Adjusted EBITDA1 |
81,803 |
51,176 |
218,664 |
165,720 |
||||
| Net earnings |
4,384 |
409 |
16,150 |
23,282 |
||||
| Net earnings, $ per share - basic and diluted |
0.04 |
0.02 |
0.17 |
0.20 |
||||
| Trailing 12 months ended |
||||||||
| 2017 |
2016 |
|||||||
| Free Cash Flow1 |
88,889 |
75,847 |
||||||
| Payout Ratio1 |
80 |
% |
89 |
% |
||||
| 1 Please refer to the Non-IFRS Measures Disclaimer for the definition of Adjusted EBITDA, Free Cash Flow and Payout Ratio. |
Electricity Production
During the three-month period ended September 30, 2017, the Corporation's facilities produced 1,243 GWh of electricity or 90% of the LTA of 1,374 GWh. Overall, the hydroelectric facilities produced 93% of their LTA due mainly to lower production from post-commissioning activities at the Upper Lillooet River facility during the quarter, partly offset by above-average water flows in Quebec and Ontario. The wind farms produced 83% of their LTA attributable to lower production at the Mesgi'g Ugju's'n facility due to post-commissioning activities, low wind regimes and outages from Hydro-Quebec (outages for which we should be compensated) and to wind regimes being below the historical average in France. The solar farm produced 115% of its LTA due to an above-average solar regime. The 49 % production increase over the same period last year is due mainly to the contribution of the recently commissioned or acquired facilities and to higher production at our Quebec and Ontario hydro facilities.
During the nine-month period ended September 30, 2017, the Corporation's facilities produced 3,288 GWh of electricity or 91% of the LTA of 3,632 GWh. Overall, the hydroelectric facilities produced 94% of their LTA due mainly to lower production from post-commissioning activities at the Upper Lillooet River facility during the period and below-average water flows in British Columbia, partly offset by above-average water flows in Quebec and Ontario. The wind farms produced 83% of their LTA due to lower production from post-commissioning activities at the Mesgi'g Ugju's'n facility and below-average wind regimes in Quebec and France. Wind regimes in France have lately trended well below the historical average, which explains the lower production. The solar farm produced 108% of its LTA due to an above-average solar regime. The 23% production increase over the same period last year is due mainly to the contribution of the recently commissioned or acquired facilities and to higher production at our Quebec and Ontario hydro facilities, which was partly offset by lower production at most of our British Columbia hydro facilities and to lower production at our Quebec wind farms.
Revenues
For the three-month period ended September 30, 2017, the Corporation recorded revenues of $108.2 million, compared with $69.3 million for three-month period ended September 30, 2016. This 56% increase is attributable mainly to the contribution of the Mesgi'g Ugju's'n wind farm commissioned in 2016 and of the Upper Lillooet River and Boulder Creek hydro facilities commissioned in 2017 as well as to the acquisition of the Montjean, Theil Rabier, Yonne, Rougemont 1-2, Vaite and Plan Fleury wind facilities in 2016 and 2017 in France, which was partly offset by lower production at our Quebec wind farms.
For the nine-month period ended September 30, 2017, the Corporation recorded revenues of $292.3 million, compared with $219.5 million for nine-month period ended June 30, 2016. This 33% increase is attributable mainly to the facilities commissioned in 2016 and 2017 and wind facilities acquired in 2016 and 2017 in France, which was partly offset by lower production at most of our British Columbia hydro facilities and at our Quebec wind farms.
Adjusted EBITDA
For the three- and nine-month periods ended September 30, 2017, the Corporation recorded Adjusted EBITDA of $81.8 million and $218.7 million, respectively compared with $51.2 million and $165.7 million for the same periods last year. These increases of 60% for three-month period and 32% for the nine-month period are due mainly to production and revenues from new facilities, partly offset by higher operating expenses, general and administrative expenses and prospective project expenses. The Adjusted EBITDA Margin increased from 73.9% to 75.6% for the quarter mainly due to the increase in revenues net of operating expenses. The Adjusted EBITDA Margin decreased from 75.5% to 74.8% for the nine-month period due mainly to the payment related to water rights for 2011 and 2012 in British Columbia made in the first quarter of 2017.
Net Earnings
For the three-month period ended September 30, 2017, the Corporation recorded net earnings of $4.4 million (basic and diluted net earnings of $0.04 per share), compared with net earnings of $0.4 million (basic and diluted net earnings of $0.02 per share) in 2016. The $4.0 million increase in net earnings is attributable mainly to the increase in revenues mainly due to the recently commissioned and acquired facilities. As a result, the $30.6 million increase in Adjusted EBITDA was partly offset by the $13.1 million increase in finance costs and the $10.3 million increase in depreciation and amortization and the $3.4 million increase in income taxes expenses.
For the nine-month period ended September 30, 2017, the Corporation recorded net earnings of $16.2 million (basic and diluted net earnings of $0.17 per share), compared with net earnings of $23.3 million (basic and diluted net earnings of $0.20 per share) in 2016. The $7.1 million decrease in net earnings is attributable mainly to this year's below-average production compared with last year's above-average production, which explains the decrease in net earnings as opposed to the increase in revenues. As a result, the $37.3 million increase in finance costs and the $30.3 million increase in depreciation and amortization were only partly offset by the $52.9 million increase in Adjusted EBITDA, the $3.3 million decrease in income taxes expenses and the $3.3 million increase in share of earnings of joint ventures.
Free Cash Flow and Payout Ratio
For the trailing twelve-month period ended September 30, 2017, the Corporation generated Free Cash Flow of $88.9 million, compared with $75.8 million for the same period last year. Despite lower cash flows from operating activities, the increase in Free Cash Flow is due mainly to higher changes in non-cash operating working capital items, partly offset by greater scheduled debt principal payments and higher free cash flows attributed to non-controlling interests.
For the trailing twelve-month period ended September 30, 2017, the dividends on common shares declared by the Corporation amounted to 80% of Free Cash Flow, compared with 89% for the corresponding period last year. This positive change results mainly from the recent commissioning of the Mesgi'g Ugju's'n, Upper Lillooet River and Boulder Creek facilities which generated higher Free Cash Flow, partly offset by the increase in annual dividend, higher dividend payments as a result of a higher number of common shares outstanding due to the issuance of 3,906,250 shares to three Desjardins Group-affiliated entities under a private placement of Innergex common shares in April 2016 and to additional shares following the exercise of stock options and issued under the Dividend Reinvestment Plan ("DRIP").
BUSINESS ACQUISITION
Acquisition of Plan Fleury and Les Renardières
On August 25, 2017, Innergex completed the acquisition of two wind projects in France's Champagne-Ardenne region with an aggregate capacity of 43 MW. Innergex owns a 69.55% interest in the wind farms while Desjardins Group Pension Plan owns the remaining 30.45%.
The equity's purchase price is €27.4 million ($40.8 million), subject to certain adjustments. Innergex's net share of the purchase price amounted to about €16.5 million ($24.2 million) and was paid through funds available under its corporate revolving credit facility. The remainder of the purchase price was paid by Desjardins Group Pension Plan in the amount of €10.7 million ($15.7 million).
Non-recourse debts related to the projects, which were already in place, will amount to €72.0 million ($105.7 million) at the end of construction and will remain at each project level.
The aggregate annual power generation is expected to reach 118,000 MWh once the two projects are in commercial operation, enough to power about 24,775 French households. All the electricity produced by these wind farms will be sold under fixed-price power purchase agreements (PPAs), with a portion of the price being adjusted according to inflation indexes, for an initial term of 15 years, with Electricité de France ("EDF"). Innergex is expecting revenues of approximately €9.9 million ($14.5 million) and Adjusted EBITDA of approximately €8.2 million ($12.0 million) for the first 12 months of operation.
The Plan Fleury (22.0 MW) wind farm began commercial operation during the third quarter. The wind project Les Renardières (21.0 MW) should be fully commissioned in the fourth quarter of 2017
DEVELOPMENT PROJECTS
Commissioning Activities
Plan Fleury
In the third quarter, the Corporation began commercial operation of the 22.0 MW Plan Fleury wind facility located in Champagne-Ardenne, France. Construction began prior to its acquisition by Innergex and was completed in August 2017. The Declaration of Commercial Operation Date (COD) under the purchase agreement with EDF shows an effective commissioning date of September 6, 2017. The Plan Fleury facility's average annual production is estimated to reach 65,266 MWh, enough to power more than 13,750 French households.
In its first full year of operation, it is expected to generate revenues and Adjusted EBITDA of approximately €5.5 million ($8.0 million) and €4.6 million ($6.7 million) respectively. All the electricity the facility produces is covered by an initial 15-year fixed-price PPA with EDF, with a portion of the price being adjusted according to inflation indexes.
Construction activities
Rougemont-2
The Rougemont-2 wind project was acquired during the second quarter of 2017. Construction was already underway at the time of the acquisition.
As at the date of this press release, all substantial civil works are complete. Eight out of 16 wind turbines have already reached commercial operation. Delivery of the wind turbines' components is complete and installation and commissioning is under way on the remaining eight turbines (six out of these eight wind turbines are already erected and five are already commissioned). Full commissioning is expected in the fourth quarter of 2017.
Les Renardières
The Les Renardières wind project was acquired during the third quarter of 2017. Construction was already under way at the time of the acquisition.
As at the date of this MD&A, all wind turbines had been commissioned and the test runs were in progress. Full commissioning is expected in the fourth quarter of 2017.
SUBSEQUENT EVENTS
Increase and Extension of the Credit Facility
On October 31, 2017, the Corporation announced that it had increased its revolving credit facility by $50 million and added a new lender to the syndicate of lenders. It also extended the maturity of its revolving facility from December 2021 to December 2022 to provide greater flexibility. The revolving credit facility now stands at $475 million.
Arrangement Agreement to Acquire Alterra Power Corp.
On October 30, 2017, the Corporation and Alterra Power Corp. ("Alterra") announced that they have entered into an arrangement agreement (the "Arrangement Agreement") pursuant to which Innergex will acquire at a price of $8.25 per share all of the issued and outstanding common shares of Alterra ("Alterra Common Shares") for an aggregate consideration of $1.1 billion, including the assumption of Alterra's debt (the "Transaction"). The Transaction is subject to approval by Alterra's shareholders and other customary closing conditions. The Transaction is not subject to approval by Innergex shareholders.
Pursuant to the Transaction, Alterra shareholders will receive an aggregate consideration which will consist of approximately 25% in cash and 75% in common shares of Innergex ("Innergex Common Shares"). The Innergex Common Shares issuable to Alterra shareholders in connection with the Transaction represent a pro forma ownership pf approximately 19% of the combined company.
Innergex has entered into a support and voting agreement with Mr. Ross Beaty, Executive Chairman of Alterra, and certain related entities who have control over approximately 31% of Alterra's issued and outstanding common shares. Pursuant to the support and voting agreement, Mr. Beaty, together with these related entities, have agreed to: (i) vote all of their Alterra Common Shares in favour of the Transaction at the Special Meeting (ii) a 12-month holding period with respect to the Innergex Common Shares to be received by them as a result of the Transaction; and (iii) elect to receive Innergex Common Shares for the entirety of the Alterra Common Shares held by them.
Alterra will complement Innergex's current operating, under construction and prospective projects, resulting in increased geographic and technological diversification through meaningful presence in the United States and Icelandic power markets as well as the addition of geothermal power generation to Innergex's production mix. The Corporation believes that the transaction significantly accelerates Innergex's growth profile.
The transaction is expected to be accretive to Innergex's distributable cash flow per share upon completion of Alterra's projects currently under construction and some of the advanced-stage prospective projects.
Innergex has structured the financing of the cash portion of the Transaction in order to maintain a strong and flexible balance sheet that provides for ample liquidity to fully fund Innergex's development portfolio pro forma the Transaction. To that end, the Caisse de dépôt et placement du Québec will provide the Corporation with a 5-year $150 million subordinated unsecured term loan at a competitive interest rate to be fixed at closing. The Corporation also obtained commitments from two leading Canadian banks to backstop its existing credit facilities, to implement the Transaction and to upsize its revolving credit facility to an aggregate amount of up to $700 million.
DIVIDEND DECLARATION
The following dividends will be paid by the Corporation on January 15, 2018:
| Date of |
Record date |
Payment date |
Dividend per |
Dividend per |
Dividend per |
| November 9, 2017 |
December 29, 2017 |
January 15, 2018 |
$0.1650 |
$0.2255 |
$0.359375 |
On February 23, 2017, the Board of Directors increased the quarterly dividend from $0.160 to $0.165 per common share, corresponding to an annual dividend of $0.66 per common share.
CONFERENCE CALL REMINDER
The Corporation will hold a conference call tomorrow, Friday, November 10, 2017, at 9 AM (EST). Its 2017 third quarter and nine-month review and outlook will be presented by Michel Letellier, President and Chief Executive Officer of Innergex, and Jean Perron, Chief Financial Officer. Investors and financial analysts are invited to access the conference call by dialing 1 888 231-8191 or 647 427-7450. Media and the public may also access this conference call in listen-only mode. A replay of the conference call will be available later the same day on the Corporation's website.
About Innergex Renewable Energy Inc.
The Corporation 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, Canada, France and Idaho, USA. Its portfolio of assets currently consists of: (i) interests in 52 operating facilities with an aggregate net installed capacity of 1,079 MW (gross 1,781 MW), including 31 hydroelectric facilities, 20 wind farms and one solar farm; (ii) interests in two projects under construction with a net installed capacity of 46 MW (gross 66 MW), for which a power purchase agreement has been secured; and (iii) prospective projects with an aggregate net capacity totalling 3,560 MW (gross 3,940 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P.
The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.
Non-IFRS measures disclaimer
The consolidated financial statements for the three- and nine-month periods ended September 30, 2017, have been prepared in accordance with International Financial Reporting Standards ("IFRS"). However, some measures referred to in this press release are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Innergex believes that these indicators are important, as they provide management and the reader with additional information about the Corporation's production and cash generation capabilities, its ability to sustain current dividends and dividend increases and its ability to fund its growth. These indicators also facilitate the comparison of results over different periods. Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Payout Ratio are not measures recognized by IFRS and have no standardized meaning prescribed by IFRS.
References in this document to "Adjusted EBITDA" are to revenues less operating expenses, general and administrative expenses and prospective project expenses.
References in this document to "Adjusted EBITDA Margin" are to Adjusted EBITDA divided by revenues.
References to "Free Cash Flow" are to cash flows from operating activities before changes in non-cash operating working capital items, less maintenance capital expenditures net of proceeds from disposals, scheduled debt principal payments, preferred share dividends declared and the portion of Free Cash Flow attributed to non-controlling interests, plus cash receipts by the Harrison Hydro L. P. for the wheeling services to be provided to other facilities owned by the Corporation over the course of their power purchase agreement, plus or minus other elements that are not representative of the Corporation's long-term cash generating capacity, such as transaction costs related to realized acquisitions (which are financed at the time of the acquisition), realized losses or gains on derivative financial instruments used to hedge the interest rate on project-level debt or the exchange rate on equipment purchases.
References to "Payout Ratio" are to dividends declared on common shares divided by Free Cash Flow.
Readers are cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings and Free Cash Flow should not be construed as an alternative to cash flows from operating activities, as determined in accordance with IFRS.
Forward-looking information disclaimer
In order 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, but not limited to, statements relating to the anticipated completion of the Alterra Transaction and timing for such completion, sources and impact of funding of the Alterra Transaction, and strategic, operational and financial benefits and accretion expected to result from the Alterra Transaction. Forward-Looking Information can generally be identified by the use of words such as "projected", "potential", "expect", "will", "should", "estimate", "forecasts", "intends", or other comparable terminology that states that certain events will or will not occur. It represents the estimates and expectations of the Corporation relating to future results and developments as of the date of this press release. It includes future-oriented financial information or financial outlook within the meaning of securities laws, such as expected production, projected revenues, projected Adjusted EBITDA , projected Free Cash Flow and estimated project costs, to inform readers of the potential financial impact of expected results, of the expected commissioning of Development Projects, of the potential financial impact of the acquisitions, of the Corporation's ability to sustain current dividends and dividend increases and of its ability to fund its growth. Such information may not be appropriate for other purposes.
Forward-Looking Information in this press release is based on certain key expectations and assumptions made by the Corporation. The following table outlines Forward-Looking Information contained in this press release, the principal assumptions used to derive this information and the principal risks and uncertainties that could cause actual results to differ materially from this information.
| Principal Assumptions |
Principal Risks and Uncertainties |
| Expected production For each facility, the Corporation determines a long-term average annual level of electricity production ("LTA") over the expected life of the facility, based on engineers' studies that take into consideration a number of important factors: for hydroelectricity, the historically observed flows of the river, the operating head, the technology employed and the reserved aesthetic and ecological flows; for wind energy, the historical wind and meteorological conditions and turbine technology; and for solar energy, the historical solar irradiation conditions, panel technology and expected solar panel degradation. Other factors taken into account include, without limitation, site topography, installed capacity, energy losses, operational features and maintenance. Although production will fluctuate from year to year, over an extended period it should approach the estimated long-term average. On a consolidated basis, the Corporation estimates the LTA by adding together the expected LTA of all the facilities in operation that it consolidates (excludes Umbata Falls and Viger-Denonville, which are accounted for using the equity method). |
Improper assessment of water, wind and sun resources and associated electricity production |
| Estimated project costs, expected obtainment of permits, start of construction, work conducted and start of commercial operation for Development Projects or Prospective Projects For each development project, the Corporation provides an estimate of project costs based on its extensive experience as a developer, directly related incremental internal costs, site acquisition costs and financing costs, which are eventually adjusted for the projected costs provided by the engineering, procurement and construction ("EPC") contractor retained for the project. The Corporation provides indications regarding scheduling and construction progress for its Development Projects and indications regarding its Prospective Projects, based on its extensive experience as a developer. |
Performance of counterparties, such as the EPC contractors Delays and cost overruns in the design and construction of projects Obtainment of permits Equipment supply Interest rate fluctuations and financing risk Relationships with stakeholders Regulatory and political risks Higher-than-expected inflation Natural disaster |
| Projected Revenues For each facility, expected annual revenues are estimated by multiplying the LTA by a price for electricity stipulated in the power purchase agreement secured with a public utility or other creditworthy counterparty. These agreements stipulate a base price and, in some cases, a price adjustment depending on the month, day and hour of delivery. In most cases, power purchase agreements also contain an annual inflation adjustment based on a portion of the Consumer Price Index. |
Production levels below the LTA caused mainly by the risks and uncertainties mentioned above Unexpected seasonal variability in the production and delivery of electricity Lower-than-expected inflation rate Changes in the purchase price of electricity upon renewal of a PPA |
| Projected Adjusted EBITDA For each facility, the Corporation estimates annual operating earnings by subtracting from the estimated revenues the budgeted annual operating costs, which consist primarily of operators' salaries, insurance premiums, operations and maintenance expenditures, property taxes and royalties; these are predictable and relatively fixed, varying mainly with inflation (except for maintenance expenditures). |
Lower revenues caused mainly by the risks and uncertainties mentioned above Variability of facility performance and related penalties Unexpected maintenance expenditures |
| Projected Free Cash Flow and intention to pay dividend quarterly The Corporation estimates Projected Free Cash Flow as projected cash flows from operating activities before changes in non-cash operating working capital items, less estimated maintenance capital expenditures net of proceeds from disposals, scheduled debt principal payments, preferred share dividends declared and the portion of Free Cash Flow attributed to non-controlling interests, plus cash receipts by the Harrison Hydro L.P. for the wheeling services to be provided to other facilities owned by the Corporation over the course of their power purchase agreement, plus or minus other elements that are not representative of the Corporation's long-term cash generating capacity, such as transaction costs related to realized acquisitions (which are financed at the time of the acquisition), realized losses or gains on derivative financial instruments used to hedge the interest rate on project-level debt or the exchange rate on equipment purchases. The Corporation estimates the annual dividend it intends to distribute based on the Corporation operating results, cash flows, financial conditions, debt covenants, long term growth prospects, solvency, test imposed under corporate law for declaration of dividends and other relevant factors. |
Adjusted EBITDA below expectations caused mainly by the risks and uncertainties mentioned above and by higher prospective project expenses Projects costs above expectations caused mainly by the performance of counterparties and delays and cost overruns in the design and construction of projects Regulatory and political risk Interest rate fluctuations and financing risk Unexpected maintenance capital expenditures Possibility that the Corporation may not declare or pay a dividend |
The material risks and uncertainties that may cause actual results and developments to be materially different from current expressed Forward-Looking Information are referred to in the Corporation's Annual Information Form in the "Risk Factors" section and include, without limitation: the ability of the Corporation to execute its strategy for building shareholder value; its ability to raise additional capital and the state of capital markets; liquidity risks related to derivative financial instruments; variability in hydrology, wind regimes and solar irradiation; delays and cost overruns in the design and construction of projects; the ability to secure new power purchase agreements or renew any power purchase agreements on equivalent terms and conditions; uncertainty surrounding the development of new facilities; change in governmental support to increase electricity to be generated from renewable sources by independent power producers; foreign market growth and development risks; sufficiency of insurance coverage limits and exclusions; and the ability to secure new power purchase agreements or to renew existing ones.
There are also risks inherent to the Alterra Transaction, including incorrect assessments of the value of the other entity; failure to satisfy the closing conditions; exercise of termination rights by the Corporation or Alterra; failure to obtain the requisite shareholder, court, regulatory and other third-party approvals, including approval by the Competition Bureau, the Federal Energy Regulatory Commission (FERC), the Federal Trade Commission and similar authorities in other jurisdictions, as well as the TSX. Accordingly, there can be no assurance that the Alterra Transaction will occur, or that it will occur on the terms and conditions, or at the time, contemplated in this news release. The Alterra Transaction could be modified, restructured or terminated. There can also be no assurance that the strategic, operational or financial benefits expected to result from the Alterra Transaction will be realized. If the Alterra Transaction is not completed, and the Corporation and Alterra continue as separate entities, there are risks that the announcement of the Transaction and the dedication of substantial resources of the Corporation to the completion of the Alterra Transaction could have an impact on the Corporation's business and strategic relationships (including with future and prospective employees, customers, distributors, suppliers and partners), operating results and businesses generally, and could have a material adverse effect on the current and future operations, financial condition and prospects of the Corporation.
Although the Corporation believes that the expectations and assumptions on which Forward-Looking Information is based are reasonable, readers of this press release are cautioned not to rely unduly on this Forward-Looking Information since no assurance can be given that they will prove to be correct. 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 of this press release, unless so required by legislation.
SOURCE Innergex Renewable Energy Inc.
Jean Perron, CPA, CA, Chief Financial Officer, 450 928-2550, ext. 1239, [email protected]; Karine Vachon, Director - Communications, 450 928-2550, ext. 1222, [email protected]
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