Innergex renews the electricity purchase agreement for the Brown Lake hydro facility for 40 years
Innergex renews the electricity purchase agreement for the Brown Lake hydro facility for 40 years
Canada NewsWire
LONGUEUIL, QC, April 16, 2018
LONGUEUIL, QC, April 16, 2018 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce that the electricity purchase agreement ("EPA") of the Brown Lake hydro facility has been renewed for a 40-year term with BC Hydro. The renewed EPA is effective as of April 1, 2018 and is subject to approval by the British Columbia Utilities Commission.
Brown Lake is a 7.2 MW run-of-river hydro facility located on Crown land near Prince Rupert in the North Coast region of British Columbia. In operation since 1996, the facility produces an average 51,800 MWh annually, all of which is sold to BC Hydro.
"We are pleased with the agreement signed with BC Hydro, who continues to be a valued business partner to Innergex," said Michel Letellier, President and Chief Executive Officer of Innergex. "The renewal of the Brown Lake EPA ensures that the facility can continue to be a significant regional contributor to the power grid in the North West of British Columbia. With 22 renewable energy facilities located in BC, Innergex is proud to help the province continue to address the challenges presented by climate change. Increased reliance on emission-free renewable electricity is one of the best ways we can meet our climate targets."
About Innergex Renewable Energy Inc.
The Corporation develops, acquires, owns and operates run-of-river hydroelectric facilities, wind farms, solar photovoltaic farms and geothermal power generation plants. As a global player in the renewable energy sector, Innergex conducts operations in Canada, the United States, France and Iceland. Innergex manages a large portfolio of assets currently consisting of interests in 64 operating facilities with an aggregate net installed capacity of 1,604 MW (gross 2,886 MW), including 34 hydroelectric facilities, 25 wind farms, three solar farms and two geothermal facilities. It also includes interests in one project under construction with a net installed capacity of 5 MW (gross 10 MW) and prospective projects at different stages of development with an aggregate net capacity totalling 8,530 MW (gross 9,200 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P. The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.
SOURCE Innergex Renewable Energy Inc.
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