Innergex announces the acquisition of Walden Hydroelectric Project

News Release

For Immediate Distribution

• 16 MW hydroelectric facility located in British Columbia, Canada
• Joint acquisition with the Sekw’el’was Cayoose Creek Band through a 51% (Innergex) – 49% (Cayoose) partnership

LONGUEUIL, Quebec, December 15, 2015 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) and the Cayoose Creek Band are pleased to announced they have entered into an agreement for the joint acquisition of the Walden North Hydroelectric project near Lillooet, British Columbia.

Innergex and Cayoose Creek Development Corp., the economic arm of Cayoose Creek Band, have formed a limited partnership to jointly acquire the assets of the Walden project from FortisBC for $9.2 million. The closing of the acquisition is subject to customary conditions, and set to be completed within the first quarter of 2016.

The Walden North Hydroelectric project is a 16 MW facility located on private land in Cayoosh Creek near Lillooet, in British Columbia. The project consists of a run-of-river hydro plant diverting flow from the Cayoosh Creek through a 250 m power tunnel and 100 m penstock, to five Litostroj horizontal Francis turbines. The facility was commissioned and has been in operation since 1992, and all the electricity it produces is sold to BC Hydro. The Walden facility is expected to generate annual revenues of approximately $2.2 million in 2016, and Adjusted EBITDA of $1.1 million.

“We are very pleased to share the news of this acquisition because it not only strengthens our already well-established presence in BC, but it also represents another great example of a successful partnership with a First Nation, something which is at the heart of our business model. We look forward to a fruitful relationship with this new partner” says Innergex CEO Michel Letellier.

Chief Michelle Edwards, Cayoose Creek Band, comments: “We are excited to have created a solid partnership to accompany us in this project. The acquisition of Walden North is part of our overall growth strategy and economic vision for Sekw’el’was, and presents a wealth of opportunities for our members and the local community”.

About the Cayoose Creek Band

Cayoose Creek Band or Sekw’el’was is nestled in the middle of the Fraser Canyon, just south of Lillooet, BC on Highway 99. Sekw’el’was is known as a gathering place for many neighboring nations. The community of just over 200 has survived and thrived through many hardships. Community members are proud of their roots and the community has a rich history of tool making and trading with other nations. Sekw’el’was is a member of St’at’imc and the Lillooet Tribal Council.

About Innergex Renewable Energy Inc.

Innergex Renewable Energy Inc. (TSX: INE) is a leading Canadian independent renewable power producer. Active since 1990, the Corporation develops, owns, and operates run-of-river hydroelectric facilities, wind farms, and solar photovoltaic farms and carries out its operations in Quebec, Ontario, British Columbia, and Idaho, USA. Its portfolio of assets currently consists of: (i) interests in 34 operating facilities with an aggregate net installed capacity of 708 MW (gross 1,216 MW), including 27 hydroelectric operating facilities, six wind farms, and one solar photovoltaic farm; (ii) interests in four projects under development or under construction with an aggregate net installed capacity of 187 MW (gross 297 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totaling 3,190 MW (gross 3,330 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P.

Read more: http://www.innergex.com/wp-content/uploads/press-release-Walden-acquisition-ENG.pdf