Follow Us! Like Our Page!

Innergex Reports Fourth Quarter and Fiscal Year 2023 Results

Press Release

Strategy Execution

  • Increased portfolio diversification and added complementary storage capabilities via a 60 MW solar portfolio acquisition in Ontario and the deployment of Innergex’s first battery energy storage project in Chile
  • Advanced on the construction of the 330 MW Boswell Springs wind project in Wyoming
  • Demonstrated ability to grow in core markets by signing a long-term PPA with Hydro-Québec for a
  • 102 MW wind project, and subsequent to the quarter end, being selected by Hydro-Québec for 400 MW of wind capacity
  • Started delivering power at the 7.5 MW Innavik hydro project in the north of Quebec, adding a key hydroelectric asset to the portfolio

Funding Initiatives

  • Executed partnership with Crédit Agricole Assurances for a 30% non-controlling interest in the portfolio in France. This transaction allowed to crystallize value for shareholders and was a validation of the Corporation’s growth strategy, bringing in a long-term strategic partner to accelerate development in France and increase financial flexibility
  • Closed on the financing of the 330 MW Boswell Springs wind project, allowing Innergex to continue executing on its organic growth strategy
  • Concluded the financing of three unlevered hydro assets, which represents a new attractive internal funding lever to support growth

Capital Allocation Strategy Update

  • Announced updated capital allocation strategy to accelerate organic growth (see press release issued on February 21, 2024)

Q4 2023 Financial Results (compared to prior year results)

  • Production Proportionate was at 94% of LTA, up from 82%
  • Adjusted EBITDA Proportionate1 reached $186.4 million, up 30%

Fiscal year 2023 Financial Results (compared to prior year results)

  • Production Proportionate was at 90% of LTA, flat compared to the prior year
  • Adjusted EBITDA Proportionate1 reached $735.3 million, up 12%

2025 Targets and 2024 Financial Guidance

  • As a result of recent macroeconomic trends, Innergex is withdrawing its previously provided 2025 financial targets
  • Full year 2024 Adjusted EBITDA Proportionate1 is expected to be in the range of $725.0 million to $775.0 million
  • Full year 2024 Free Cash Flow per share1 is expected to be in the range of $0.70 to $0.85

Appointment to the Board of Directors

  • Marc-André Aubé joined the Board as of December 1, 2023

All amounts are in thousands of Canadian dollars, unless otherwise indicated.

LONGUEUIL, Quebec, February 21, 2024 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) a leading global independent renewable power producer, today reported financial results for the fourth quarter and fiscal year ended December 31, 2023.

Michel Letellier, President and Chief Executive Officer, said, “We are very pleased to deliver better results for the fourth quarter and fiscal year 2023, while also progressing on our strategic growth initiatives. During the fourth quarter, we commissioned our 50 MW/250 MWh (5 hours) Salvador battery energy storage facility in Chile and started delivering energy at the Innavik hydro facility, providing further portfolio diversification, and allowing us to generate attractive risk-adjusted returns on invested capital.”

“We took proactive steps to strengthen our financial position and ensure that we have the necessary financial flexibility required to execute our growth strategy. With the financing for the Boswell Springs project, our partnership with Crédit Agricole Assurances in France, and our financing of three unlevered hydro assets, we are well positioned to continue to invest in greenfield development across our key markets. While making progress with our construction projects, we continue to win new project awards, which serve to validate our value proposition and ultimately support our growth trajectory.”

Read More

IBF4

Loading

NationTalk Partners & Sponsors Learn More