Innergex Renewable Energy begins commercial operation of Montagne-Seche wind farm in Quebec; project comprises 39 wind turbines, 58.5 MW installed capacity
November 28, 2011
– Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) is proud to announce it has begun commercial operation of its Montagne-Sèche wind farm, located in the township municipalities of Cloridorme and Petite-Vallée, in the Gaspé Peninsula, Quebec.
“We are very pleased to expand to four the number of wind farms operating in Quebec. Once again, our Cartier Wind Energy partnership has enabled us to build a project and bring it to commercial operation successfully, slightly ahead of scheduled commercial operation date”, declared Mr. Michel Letellier, President and Chief Executive Officer of the Corporation. Montagne-Sèche is one of the projects delivered under the 1,000 MW Request for Proposals (“RFP”) announced by Hydro Quebec in 2004, which called for at least 60% of total investments to be made locally. Cartier Wind Energy has also committed to making contributions totaling $1.5 million to the two township communities over the next 20 years. “We value the opportunity to contribute to the economic development of our host communities, which reflects our values and our way of doing business” noted Mr. Letellier.
The Montagne-Sèche wind farm, in which Innergex owns a 38% interest and a 50% management stake, comprises 39 wind turbines with a total installed capacity of 58.5 MW and an estimated yearly energy output of 193,400 MWh, enough to power more than 7,000 Quebec homes each year. It is expected to produce revenues of approximately $5.0 million annually for the Corporation. One of the few wind farms in the province built entirely on public lands, it has a 20-year power purchase agreement (“PPA”) with Hydro-Quebec for all the electricity it produces, which provides for an annual adjustment to the selling price based on the Consumer Price Index.
Innergex Renewable Energy Inc. (TSX:INE) is a leading developer, owner, and operator of run-of-river hydroelectric facilities and wind energy projects in North America, and a developer of solar photovoltaic installations. Innergex’s management team has been involved in the renewable power industry since 1990. Innergex owns a portfolio of projects which consists of: (i) interests in 24 operating facilities with an aggregate net installed capacity of 422.7 MW (gross 746.3 MW), including 20 hydroelectric operating facilities and four wind farms; (ii) interests in 11 projects under development or under construction with an aggregate net installed capacity of 301.8 MW (gross 507.8 MW), for which power purchase agreements (“PPA”) have been secured; and (iii) prospective projects with an aggregate net capacity totaling more than 2,800 MW (gross 3,000 MW). Innergex Renewable Energy Inc is rated BBB- by S&P and BBB (low) by DBRS.