Second leading independent proxy advisor recommends Innergex shareholders vote for the arrangement with CDPQ

Press Release

⦁ Glass Lewis cites “significant premium” and crystallizing highest value in nearly 2 years as rationale in recommending Innergex common shareholders support the Arrangement
⦁ ISS re-issues report to add positive recommendation for Innergex Series A Preferred Shareholders

⦁ Innergex shareholders who have questions or need assistance in voting should contact Laurel Hill Advisory Group by telephone at 1-877-452-7184 (North American Toll Free) or 1-416- 304-0211 (Outside North America), or by email at assistance@laurelhill.com

LONGUEUIL, Québec, April 22, 2025 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) is pleased to announce that a second leading independent proxy advisor, Glass Lewis & Co. (“Glass Lewis”) has issued recommendations that common shareholders of Innergex (“Innergex Common Shareholders”) vote FOR the previously announced plan of arrangement involving the Corporation and CDPQ (the “Arrangement”) at the annual and special meeting of shareholders of the Corporation to be held on May 1, 2025 at 4:00 p.m. (Eastern Daylight Time) by live webcast at https://meetnow.global/MVGJCFQ (the “Meeting”). Under the terms of the Arrangement, Innergex Common Shareholders will receive $13.75 for each common share of Innergex owned (other than those already held by CDPQ and its affiliates and the shares to be rolled over by certain members of senior management).

“We are pleased to see Glass Lewis agree with the Special Committee and the Board of Directors of the Corporation that the Arrangement is the most compelling alternative for Innergex”, said Monique Mercier, Chair of the board of directors of Innergex and Chair of the Special Committee. “The endorsements of both ISS and Glass Lewis represent important, independent recognition of the exceptional value to be realized by shareholders of the Corporation under the Arrangement.”

Glass Lewis is an independent proxy advisor to institutional investors, covering 30,000 shareholder meetings each year, across approximately 100 global markets. Their customers include the majority of the world’s largest pension plans, mutual funds, and asset managers who collectively manage over $40 trillion in assets.

ISS Re-issues Report to Add Endorsement of the Series A Preferred Shareholders’ Arrangement Resolution

The Glass Lewis advisory report follows an earlier recommendation from Institutional Shareholder Services Inc. (“ISS”) that also found that Innergex Common Shareholders should vote FOR all items of business (including the Arrangement Resolution) at the Meeting.

ISS has since re-issued their report with analysis of the Arrangement from the perspective of the holders of cumulative rate reset preferred shares, Series A of Innergex (“Innergex Series A Preferred Shareholders”), also finding that Innergex Series A Preferred Shareholders should vote in favour of the Arrangement. Under the terms of the Arrangement, Innergex Series A Preferred Shareholders will receive $25.00 per Series A

preferred share in cash (plus all accrued and unpaid dividends and an amount in cash per Series A preferred share equal to the dividends that would have been payable in respect of such share until January 15, 2026, which is the next available redemption date).

Vote Now – Voting is Both Easy and Important

The deadline for Innergex Common Shareholders and Innergex Series A Preferred Shareholders to submit votes by proxy is Tuesday, April 29, 2025 at 4:00 p.m. (Eastern Daylight Time). The Corporation has mailed the meeting materials to Innergex shareholders, which documents are also available on the SEDAR+ profile of Innergex at www.sedarplus.ca and on Innergex’s website at https://www.innergex.com/en/events/annual-and-special-meeting-of-shareholders.

SHAREHOLDER QUESTIONS AND VOTING ASSISTANCE

Innergex shareholders who have questions or need assistance in voting should contact Laurel Hill Advisory Group by telephone at 1-877-452-7184 (North American Toll Free) or 1-416- 304-0211 (Outside North America), or by email at assistance@laurelhill.com.

About Innergex Renewable Energy Inc.

For 35 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 91 operating facilities with an aggregate net installed capacity of 3,737 MW (gross 4,693 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,547 MW), 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,288 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 information

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

Media
Jade Lachapelle
Advisor – Communications
450 928-2550 #1302
jlachapelle@innergex.com
Innergex Renewable Energy Inc.
www.innergex.com

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