Innergex Renewable Energy Inc. is a leading Canadian independent renewable power producer founded in 1990. The company develops, owns, and operates run-of-river hydroelectric facilities, wind farms, and solar photovoltaic farms and carries out operations in Québec, Ontario, British Columbia, and Idaho, USA. In 2012, the company produced 2,148 GWh of electricity, generating revenues of $181 million. As of March 2013, the company had 28 operating facilities with a total net installed capacity of 577 MW, and seven projects under development with a total net installed capacity of 190 MW and for which power purchase agreements have been secured. Innergex also has several prospective projects with an aggregate net capacity totalling more than 2,900 MW. Its shares are listed on the Toronto Stock Exchange under the symbol “INE”.
Innergex currently has 22 run-of-river hydroelectric facilities, including 11 in British Columbia, seven in Québec, three in Ontario, and one in the United States, with a total gross installed capacity of 408 MW. The company’s roots trace back to the government-sponsored resurgence of small private hydroelectric facilities in Québec in the early 1990s. Hydro remains Innergex’s primary and preferred source of renewable energy; it represented 73% of the electricity generated by Innergex in 2012. The company remains very active in the hydroelectric sector and continues to advance its ambitious development program of no less than six hydroelectric projects under development with power purchase agreements, all of which are located in British Columbia. Two of these projects, currently under construction, are expected to reach commissioning in 2013, while four are expected to begin construction. All six projects should be in operation by the end of 2016.
On the other side of the country, things have been equally busy for Innergex in the hydroelectric sector. In February 2013, the company announced its intention to acquire Magpie, a 40.6 MW hydroelectric facility in Québec, and signed an exclusive letter of intent with the seller, Hydromega Group of Companies, for the acquisition of another run-of-river hydroelectric facility in Québec and five hydroelectric projects under development with power purchase agreements in Ontario. Innergex management hopes to complete these acquisitions during 2013.