LONGUEUIL, Quebec, July 16, 2025 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) is pleased to announce today that all required regulatory approvals for the closing of the previously announced plan of arrangement involving the Corporation and La Caisse (formerly CDPQ), (the “Arrangement”) have now been received.

Innergex further announces that it intends to terminate its dividend reinvestment plan (the “DRIP”) effective as of July 17, 2025, pursuant to and in accordance with the terms of the DRIP, in connection with the Arrangement. As previously announced by the Corporation, since the April 15, 2024 dividend, Innergex was purchasing the additional common shares due under the DRIP in the secondary market rather than issuing them from treasury. The plan agent under the DRIP, Computershare Investor Services Inc., will send to each participant (or to his or her nominee, as applicable) a DRS Advice for whole common shares held for such participant’s account under the DRIP and a cheque in payment for any remaining fractions of common shares in such participant’s account. Each whole common share held on behalf of a participant under the DRIP will entitle such participant to receive the consideration payable to common shareholders of Innergex in accordance with the plan of arrangement upon closing of the Arrangement. Participants who submit a valid letter of transmittal to Computershare Investor Services Inc. for their Innergex common shares will also receive the consideration they are entitled to receive under the plan of arrangement for their common shares held under the DRIP. Participants seeking further information with respect to their entitlements under the DRIP may contact the plan agent under the DRIP, Computershare Investor Services Inc. (1‑800‑564-6253).

The Corporation expects that, subject to the satisfaction at closing of the remaining closing conditions, the Arrangement will be completed on or about July 21, 2025. The 4.65% convertible unsecured subordinated debentures of Innergex are expected to be trading on an interest flat basis at the opening of markets on July 21, 2025.

The Arrangement was approved by Innergex common shareholders and Series A preferred shareholders at the annual and special meeting of shareholders of the Corporation held on May 1^st, 2025, and the Corporation obtained a final order from the Superior Court of Québec (Commercial Division) approving the Arrangement on May 7, 2025.

Further details regarding the Arrangement are provided in the management information circular of the Corporation dated March 21, 2025, which was mailed to the Corporation’s shareholders in connection with the Arrangement, a copy of which is available under the Corporation’s profile on SEDAR+ at www.sedarplus.ca.

About Innergex Renewable Energy Inc.

For 35 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 92 operating facilities with an aggregate net installed capacity of 3,948 MW (gross 4,901 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and 4 battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,537 MW), 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,288 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital. To learn more, visit innergex.com or connect with us on LinkedIn.

Cautionary Statement Regarding Forward-Looking Information

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 statements relating to the Arrangement, the ability to complete the Arrangement and the timing thereof, including the parties' ability to satisfy the conditions to the consummation of the Arrangement, the possibility of any termination of the arrangement agreement in accordance with its terms, the expected benefits to the Corporation and its shareholders of the Arrangement, and the termination of the DRIP and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as “approximately”, “may”, “will”, “could”, “believes”, “expects”, “intends”, “should”, “would”, “plans”, “potential”, “project”, “anticipates”, “estimates”, “scheduled” or “forecasts”, or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release.

Risks and uncertainties related to the Arrangement include, but are not limited to: the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to satisfy, in a timely manner or otherwise, the remaining conditions to the closing of the Arrangement or for other reasons; the negative impact that the failure to complete the Arrangement for any reason could have on the price of the Corporation's securities or on its business; La Caisse's failure to pay the consideration at closing of the Arrangement; the failure to realize the expected benefits of the Arrangement; the restrictions imposed on the Corporation while the Arrangement is pending; the business of the Corporation may experience significant disruptions, including loss of clients or employees due to transaction-related uncertainty, industry conditions or other factors; risks relating to employee retention; the risk of regulatory changes that may materially impact the business or the operations of the Corporation; the risk that legal proceedings may be instituted against the Corporation; significant transaction costs or unknown liabilities; and risks related to the diversion of management's attention from the Corporation's ongoing business operations while the Arrangement is pending; and other risks and uncertainties affecting the Corporation. For more information on the risks and uncertainties, please refer to the “Forward-Looking Information” section of the Management's Discussion and Analysis for the three months ended March 31, 2025.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in Forward-Looking Information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such Forward-Looking Information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on Forward-Looking Information, which speaks only as of the date made. The Forward-Looking Information contained in this press release represents the Corporation's expectations as of the date of this press release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Corporation disclaims any intention or obligation or undertaking to update or revise any Forward-Looking Information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All of the Forward-Looking Information contained in this press release is expressly qualified by the foregoing cautionary statements.

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For information

Naji Baydoun
Director - Investor Relations
450 928-2550, ext. 1263
investorrelations@innergex.com

Jade Lachapelle
Senior Advisor – Communications
450 928-2550, ext. 1302
media@innergex.com

All Regulatory Approvals for the Proposed Acquisition of Innergex by La Caisse Have Been Obtained