Innergex Reports Fourth Quarter and Fiscal Year 2024 Results

Press Release

Q4 2024 Strategic Execution

560 MW secured in BC Hydro’s call for power in British Columbia
Reached commercial operation of the 330 MW Boswell Springs wind farm in Wyoming
Advanced five projects totaling 180 MW to the construction phase
Strengthened financial position with approximately $450 million in financings to support growth
Met 2024 financial guidance for Adjusted EBITDA Proportionate1 and exceeded guidance for Free Cash Flow per share1 Q4 2024 Financial Results
Adjusted EBITDA Proportionate1 reached $210.0 million, up 13% compared to Q4 2023
Free Cash Flow per Share1 at $1.06 for the year ended December 31, 2024 2025 Targets
Full year 2025 Adjusted EBITDA Proportionate1 is targeted to be in the range of $825.0 million to $875.0 million
Full year 2025 Free Cash Flow per share1 is targeted to be in the range of $0.75 to $0.95

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

LONGUEUIL, Quebec, February 20, 2025 – 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, 2024.

“We are extremely pleased with the progress made in the Q4 2024, which reflects our strong execution, strategic growth, and commitment to delivering results. Winning 560 MW in BC Hydro’s latest request for proposals is a significant milestone that reinforces our leadership role in renewable energy and positions us for long-term success in Canada. We also successfully commissioned the Boswell Springs wind farm in Wyoming, underscoring our ability to execute efficiently. Overall, despite stock market fluctuations in the renewable energy sector, we have met all our 2024 objectives, including our financial guidance, and even exceeded our Free Cash Flow per share1 target, demonstrating our disciplined approach and our ability to turn commitments into reality,” said Michel Letellier, President and Chief Executive Officer.

“We are expanding at an impressive pace, and we are doing so on our own terms—our self-funded growth enabling us to scale efficiently while creating value. Looking ahead, we see tremendous opportunities, particularly in Canada,

where we will be actively developing new projects over the coming years. In the United States, despite challenges in policy and regulatory support, we remain optimistic about the long-term potential for renewable energy. While closely monitoring the market environment, we remain focused on delivering projects within our target returns and do not anticipate the potential imposition of tariffs to materially impact our operations or future developments. With a solid foundation, a strong portfolio, and a dedicated team, we are continuing our momentum and building on our success,” added Mr. Letellier.

FINANCIAL HIGHLIGHTS

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