Strategic Execution
- Executed on a minority sale of interests in a 826 MW renewable energy portfolio in Texas
- Achieved commissioning of the 35 MW/175 MWh (5 hours) San Andrés battery energy storage facility in Chile
- Signed a 30-year PPA with Hydro-Québec for the 100 MW Lotbinière Ndakina and the 300 MW Peshu Napeu wind projects
- Renewed a 25-year PPA for the three Portneuf facilities in Quebec subsequent to quarter end
- Reaffirming full year 2024 financial guidance
Q2 2024 Financial Results
- Adjusted EBITDA Proportionate1 reached $183.9 million, down 8% compared to Q2 2023
- Free Cash Flow per Share1 at $1.35 for the trailing twelve-months ended June 30, 2024
- Payout Ratio1 of 40% for the trailing twelve-months ended June 30, 2024
Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the
"Corporation") a leading global independent renewable power producer, reported financial results for the second quarter ended June 30, 2024.
“While the hottest temperatures ever recorded on earth continue to break records for a thirteenth month in a row and unusual climate events continue to impact populations across the globe, we strongly believe that our industry, and
above all our mission, remain the single greatest tool to mitigate the effects of human-made climate change. With the Paris Agreement objectives in mind and the need for clean electricity increasing, our industry is poised to grow and
Innergex is focused on achieving profitable projects that will generate positive returns for our shareholders and our Planet,” said Michel Letellier, President and Chief Executive Officer.
“Our teams remain focused on executing on our disciplined growth strategy, through both securing accretive greenfield opportunities such as the 300 MW Peshu Napeu and the 100 MW Lotbinière Ndakina wind projects in
Quebec, and delivering on de-risking initiatives such as the sale of minority interests in our Texas assets portfolio. Iam proud of our team for consistently ensuring that our assets are maintained and managed in optimal ways enabling
us to fully capture the hydro, wind and solar resources when available. Unfortunately this quarter, resources have been abnormally lower than predictive models in some of the regions where we operate,” added Mr. Letellier.
