Journey at the heart of renewable energies

From hydroelectric facilities to wind farms to solar farms, discover Innergex’s activities.

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”.

Hydroelectricity

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.

Wind energy

Innergex currently has five wind farms operating in Québec, with a total gross installed capacity of 590 MW. In November 2012, Gros-Morne became the largest wind farm in operation in Canada, with 211.5 MW of installed capacity, when Phase II of the project was commissioned. This achievement also completes the development program of Cartier Wind Energy, Innergex’s joint venture with TransCanada Corp. in the wind sector.

Over the years, Innergex has evolved to become both an astute developer and a skilled operator of hydro facilities, an accomplishment it is now reproducing in the wind sector, as Cartier, upon expiry of the five-year maintenance contract with the original equipment manufacturer of the wind turbines, begins to integrate direct operations and maintenance activities at each of its facilities.

In July 2012, Innergex announced a partnership agreement with the Mi’gmaq Nation of Québec for the development, financing, construction, and operation of a large wind farm on the Gaspé Peninsula of Québec. According to Chief Claude Jeannotte, Chairperson of the Mi’gmawei Mawiomi, “this project not only aims to produce renewable energy and consolidate the wind industry of Gaspé, it also constitutes a powerful leverage for the emancipation and the long-term socio-economic development of the three Mi’gmaq communities of Gaspé.” Both partners are looking forward to submitting this project under a future call for wind power.

In the spring, Innergex also expects to begin construction of the Viger-Denonville wind project and to commission the facility in the latter part of 2013. Viger-Denonville is the company’s first wind project developed in a joint venture with a municipality. It is also the first Québec wind project located in a populated area not to be subject to a public hearing by the BAPE (Bureau d’audiences publiques sur l’environnement). This demonstrates the very high social acceptability characterizing this project.

Solar energy

In May 2012, Innergex began commercial operations of its first solar farm. This represented yet another important milestone for the company, as this new source of energy provides additional diversification and growth opportunities. Stardale is a 33.2 MWDC solar farm located in East Hawkesbury, Ontario.

Its 144,072 solar panels provide enough electricity to power more than 3,200 Ontario households each year. So far, Stardale’s performance has exceeded expectations. Innergex believes the solar technology is proven, simple, and reliable and looks forward to expanding its presence in this sector.

Projects under development

Innergex continues to advance its ambitious development program, with seven projects currently under development, including one wind project in Québec and six hydroelectric projects in British Columbia.

Two of these hydroelectric projects, Kwoiek Creek (50 MW) and Northwest Stave (17.5 MW), have been under construction since 2011. Both are progressing on time and on budget, and are expected to reach commissioning in late 2013.

The four remaining hydroelectric projects are at various stages of development. Two important milestones were achieved recently, as the Tretheway Creek and Big Silver Creek projects obtained their Environmental Assessment Certificates in August 2012 and the ULHP cluster of projects (Upper Lillooet and Boulder Creek) received their Environmental Assessment Certificate in January 2013. The company expects to begin construction on these four projects during 2013. All projects are expected to reach commissioning between 2015 and 2016.

On the other side of the country, the Viger-Denonville wind project also reached an important milestone when it received its environmental decree from the Québec government in January 2013, giving it the green light. This project is being developed in a 50-50 joint venture with the Rivière-du-Loup Regional County Municipality. When it reaches commissioning in the latter part of 2013, it is expected to be the first wind farm from the province’s 2009 Community Wind Request for Proposals to achieve commercial operations.

Innergex’s ambitious development program represents an undertaking of considerable magnitude, with capital expenditures in excess of one billion dollars.