Innergex and Indigenous Partners Secure Selection of 3 Wind Projects in BC Hydro’s Latest Request for Proposals

Press Release

LONGUEUIL, Quebec, December 9, 2024 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) is proud to announce that three of its wind projects, co-developed with Indigenous partners, have been selected in BC Hydro’s most recent Request for Proposals (RFP) for new renewable energy generation. Representing a combined gross capacity of 560 MW, this achievement highlights Innergex’s leadership in Canada and in British Columbia, and its expertise in developing renewable energy projects in partnership with Indigenous communities that bring significant economic and environmental benefits to local communities.

“We are proud that all three of our projects selected in BC Hydro’s RFP are built on strong partnerships with Indigenous communities, and we are looking forward to collaborating closely with BC Hydro and our partners to bring these projects to fruition,” said Michel Letellier, President and Chief Executive Officer of Innergex. “Together with our partners, we aim to create projects that not only generate clean enrgy, but also provide lasting and meaningful benefits to Indigenous communities. This milestone underscores the strength of our development portfolio, our commitment to delivering competitive renewable energy projects, and our dedication to advancing British Columbia’s energy transition. Expanding our Canadian wind portfolio through these projects adds incremental diversification benefits and demonstrates our commitment to disciplined growth and creating value for all stakeholders.’’

The Selected Projects:

• K2 Wind Project: The 160 MW K2 Wind Project is situated in the Central Interior of B.C., 33 km west of Peachland/Westbank. This project is a collaboration between Westbank First Nation (51% equity) and Innergex (49%).
• Nithi Mountain Wind Project: Located in the Bulkley-Nechako region of Northern B.C., the 200 MW Nithi Mountain Wind Project is developed in partnership with Stellat’en First Nation (51% equity) and Innergex (49%).
• Stewart Creek Wind Project: In partnership with the West Moberly First Nations (51% equity), this 200 MW wind energy project in the Peace Region of Northeastern B.C. is co-developed with Innergex (49%).

Scheduled for commercial operations between 2030-2031, the power purchase agreements with BC Hydro (S&P credit rating: AA-) are expected to be structured as a 30-year take-or-pay contract, indexed to a predefined percentage of the Consumer Price Index (“CPI”).

The projects are subject to the execution of contracts with BC Hydro and suppliers, and to the successful completion of permit application processes and regulatory requirements.

About Innergex Renewable Energy Inc.

For over 30 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 89 operating facilities with an aggregate net installed capacity of 3,377 MW (gross 4,332 MW), including 42 hydroelectric facilities, 35 wind facilities, 9 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 14 projects under development with a net installed capacity of 991 MW (gross 1,334 MW), 2 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 9,807 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.

For more information on the risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the forward-looking information or on the principal assumptions used to derive this information, please refer to the “Forward-Looking Information” section of the Management’s Discussion and Analysis for the three months ended September 30, 2024.

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

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

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