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Press release from CNW Group

Innergex increases and extends its credit facility

Tuesday, August 09, 2011

Innergex increases and extends its credit facility12:32 EDT Tuesday, August 09, 2011LONGUEUIL, QC, Aug. 9, 2011 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") today announced that it has completed the increase and extension of its existing corporate credit facility. TD Securities and BMO Capital Markets acted as Co-Lead Arrangers and Joint Book Managers with The Toronto-Dominion Bank acting as Administrative Agent and Bank of Montreal acting as Syndication Agent for a syndicate of lenders also including: Canadian Imperial Bank of Commerce, Caisse centrale Desjardins, National Bank of Canada, The Bank of Nova Scotia and Laurentian Bank of Canada.The credit facility has been significantly increased, from $170 million to $350 million, and will now mature in 5 years, in August 2016. The facility will be used to fund construction costs, development expenses and for the issuance of letters of credit.Michel Letellier, President and Chief Executive Officer of the Corporation declared, "The closing of this facility demonstrates the high level of confidence that lenders place in our business model and growth strategy. The terms and conditions offered allow greater flexibility and the borrowing costs are significantly lower.  In addition to usual project financings, this facility will enable Innergex to complete the financing of its 5-year capital expenditure program which will increase its net installed capacity by 312 MW, to 713 MW.''Innergex Renewable Energy Inc. 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 23 operating facilities with an aggregate net installed capacity of 401 MW; ii) interests in 11 projects under development or under construction with an aggregate net installed capacity of 312 MW for which power purchase agreements have been secured; and iii) prospective projects of more than 2,800 MW (net).Forward-Looking InformationInvestors should note that some statements in this press release are forward-looking and may not give full weight to all potential risks and uncertainties. Forward-looking statements are, by their nature, subject to risks and uncertainties, and actual results, actions or events could materially differ from those set forth in the forward-looking statements. All forward-looking statements are only valid as of the date they were made. Innergex does not undertake to update forward-looking statements except in accordance with applicable laws.For further information: Investor Relations Jean Trudel, MBA Chief Investment Officer and Senior Vice President - Communications    Innergex Renewable Energy Inc. Tel: (450) 928-2550, ext. 252 Media Lydia Veilleux, DESS Advisor - Communications and Investor Relations Innergex Renewable Energy Inc. Tel: (450) 928-2550, ext. 280