Innergex is a leading Canadian independent renewable power producer. Active since 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 2014, the Company produced 2,962 GWh of electricity, generating revenues of $242 million. As of February 2015, the Company had 33 operating facilities with a total net installed capacity of 687 MW, and five projects under development with a total net installed capacity of 208 MW for which power purchase agreements have been secured. Innergex also has several prospective projects with an aggregate net capacity totalling more than 3,190 MW. Its shares are listed on the Toronto Stock Exchange under the symbol “INE”.
Innergex currently has a portfolio of 26 run-of-river hydroelectric facilities, including 13 in British Columbia, nine in Quebec, three in Ontario, and one in the United States, with a total gross installed capacity of 547 MW. Hydro remains Innergex’s primary source of renewable energy, representing more than 75% of the electricity it generated in 2014. The company remains very active in this sector. In 2014, it completed the acquisition of the 30.5 MW SM-1 facility in Quebec. 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. In 2014, a 20-year power purchase agreement was signed for Mesgi’g Ugju’s’n (MU), a 150-MW wind energy project located in the Gaspé peninsula, Quebec. The signing of this contract under a 50-50 partnership with the three Mi’gmaq first nations of Quebec – Gesgapegiag, Gespeg and Listuguj – represented an important milestone for this project. Its commercial operation 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 provides additional diversification and growth opportunities. Stardale is a 33.2 MWDC solar farm located in East Hawkesbury, Ontario. With more than 144,000 solar panels, it provides enough electricity to power more than 3,200 Ontario households each year. To date, Stardale’s performance has exceeded expectations. Innergex believes that 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 is progressing well. The Tretheway creek project is expected to be in operation by the end of 2015. The three others are expected to be in operation by the end of 2016.
In Quebec, the company and its aboriginal partner, the Mi’gmaq first nations of Quebec, continue to advance the Mesgi’g Ugju’s’n wind project. In 2014, a 20-year power purchase agreement was signed with Hydro-Québec distribution and the project also received its government decree. Project construction is expected to begin in 2015 and commercial operation is expected to start by the end of 2016.