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 Quebec, Ontario and British Columbia and in Idaho, USA. In 2013, the company produced 2,382 GWh of electricity, generating revenues of $198 million. As of February 2014, the company had 32 operating facilities with a total net installed capacity of 672 MW, and five projects under development with a total net installed capacity of 210 MW 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 a portfolio of 25 run-of-river hydroelectric facilities, including 13 in British Columbia, eight in Quebec, three in Ontario, and one in the united states, with a total gross installed capacity of 517 MW. Hydro remains Innergex’s primary and preferred source of renewable energy, representing 70% of the electricity it generated in 2013. The company remains very active in the hydroelectric sector. In 2013, it completed the acquisition of the 40.6 MW Magpie facility in Quebec and completed construction of the 49.9 MW Kwoiek Creek and 17.5 MW Northwest Stave River facilities in British Columbia, which began operating at the end of 2013. The addition of these three facilities has increased Innergex’s gross installed hydroelectric capacity by 26%. The company also has four hydroelectric projects under development with power purchase agreements in British Columbia, all of which should be in operation by the end of 2016.
Innergex currently has a portfolio of six wind farms operating in Quebec, with a total gross installed capacity of 614 MW. This includes the 24.6 MW Viger-Denonville community wind farm, which began commercial operation in November 2013. This marks the Company’s first wind project developed in a joint venture with a municipality, and the first wind farm from the province’s 2009 request for proposals for community wind projects to achieve commercial operation. Furthermore, in December 2013 the partnership formed by Innergex and the Mi’gmaq communities of Quebec signed a letter of intent with Hydro-Québec distribution for a 20-year power purchase agreement for a 150 MW wind energy project, subject to an order-in-council by the Quebec government. Commercial operation of this project is expected to begin in 2016.
Innergex began commercial operation of its first solar farm in May 2012. This represented yet another important milestone for the company, as this new source of energy offers 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. To date, Stardale’s performance has exceeded expectations. Innergex has confidence that the solar technology is proven, simple, and reliable and looks forward to expanding its presence in this sector.
Projects under development
Innergex continues to pursue its ambitious development program, with five projects currently under development, including one wind project in Quebec and four hydroelectric projects in British Columbia.
Construction at the Tretheway Creek, Upper Lillooet River and Boulder Creek hydroelectric projects began in the fourth quarter of 2013, while construction at the Big Silver Creek project is scheduled to begin in the spring of 2014. All four projects are expected to be in operation by the end 2016.
In Quebec, the company and its first nations partner, the Mi’gmaq communities of Quebec, continue to advance the Mesgi’g Ugju’s’n wind project. In 2013, the environmental assessment for the project was completed and submitted to the ministry of Sustainable Development, Environment, Wildlife and Parks. In December 2013, the partners signed a letter of intent with Hydro-Québec distribution for a 20-year power purchase agreement, subject to an order-in-council by the Quebec government. Project construction is expected to begin in 2015 and commercial operation is expected to start in 2016.