Quarterly report (Q1) for the period ending March 31, 2015

Innergex Renewable Energy Inc. 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 and British Columbia
and in Idaho, USA. The Corporation’s shares are listed on the Toronto Stock Exchange under the symbols INE, INE.PR.A and INE.PR.C and its convertible debentures under the symbol INE.DB.

Innergex’s mission is to increase its production of renewable energy by developing and operating highquality facilities while respecting the environment and balancing the best interests of the host
communities, its partners and its investors.

INTRODUCTION

This Management’s Discussion and Analysis (“MD&A”) is a discussion of the operating results, cash flows and financial position of Innergex Renewable Energy Inc. (“Innergex” or the “Corporation”) for the three-month period ended March 31, 2015, and reflects all material events up to May 13, 2015, the date on which this MD&A was approved by the Corporation’s Board of Directors.

The MD&A should be read in conjunction with the unaudited condensed consolidated financial statements and the accompanying notes for the three-month period ended March 31, 2015, and with the Corporation’s Financial Review at December 31, 2014. Additional information relating to Innergex, including its Annual Information Form, can be found on the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com or on the Corporation’s
website at www.innergex.com.

The unaudited condensed consolidated financial statements attached to this MD&A and the accompanying notes for the threemonth period ended March 31, 2015, along with the 2014 comparative figures, have been prepared in accordance with International Financial Reporting Standards (“IFRS”). Some amounts included in this MD&A have been rounded to make reading easier, which may affect some calculations.

Q1 2015 HIGHLIGHTS

• Production was 121% of long-term average (“LTA”)
• Revenues rose 54% to $57.7 million compared with the same period last year
• Adjusted EBITDA rose 70% to $43.0 million compared with the same period last year
• A $491.6M fixed-rate, non-recourse debt financing was closed for the 25.3 MW Boulder Creek and the 81.4 MW Upper Lillooet River hydroelectric projects
• The normal course issuer bid for up to 1 million common shares was renewed and remains in effect until March 2016

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