Press release from CNW Group
Innergex's partner allocated 150 mw for a wind project
Friday, May 10, 2013
Innergex's partner allocated 150 mw for a wind project14:11 EDT Friday, May 10, 2013
LONGUEUIL, QC, May 10, 2013 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") announces that its partner, the Mi'gmawei Mawiomi, the Assembly of Mi'gmaq communities of Quebec, has been allocated 150 MW for a wind energy project in the Gaspé Peninsula, in Quebec, Canada.
"This is a momentous event for the three Mi'gmaq communities, who see great opportunities for the future. We now have the resources to support our governments and make strategic investments. It is also important to know our neighbours will benefit from the project as well, because the majority of the revenues from the wind farm will be spent in the Gaspésie region", declares Chief Claude Jeannotte, Chairperson of the Mi'gmawei Mawiomi.
"We are happy to have been selected by the Mi'gmawei Mawiomi for the realization of this project, and we look forward to developing a mutually beneficial partnership based on common values and interests", declares Michel Letellier, President and Chief Executive Officer of Innergex.
"Our company's strong development track record stems in part from its willingness and ability to develop successful long-term partnerships. We believe there is a shift right across Canada towards local communities and First Nations choosing to become agents of their own socio-economic development, and this must be reflected in how energy projects are developed", adds Mr. Letellier. "We are very pleased with the development model that the Quebec government has chosen, as we have prospective projects in collaboration with local municipalities that we will be able to submit under the requests for proposals announced today", concludes Mr. Letellier.
Today, Quebec Premier Pauline Marois announced that the government is pursuing the development of the wind energy industry in Quebec with the allocation of 800 MW for new projects, including the 150 MW for a project by the Mi'gmawei Mawiomi, Innergex's partner, as well as 200 MW for Hydro-Québec Production, 300 MW by request for proposals for projects in the Gaspésie and Lower-Saint-Lawrence regions, and 150 MW by request for proposals for projects throughout Quebec. These requests for proposals will target projects initiated by local communities or cooperatives, in partnership with private developers.
About the Mi'gmawei Mawiomi
The Mi'gmawei Mawiomi (the Assembly) is a representative organization for three Mi'gmaq communities located in Gespe'gewa'gi: Gespeg, Gesgapegiag and Listuguj. The Assembly ensures, among other things, the Mi'gmaq Nation has access to its resources the purpose of which is to support the political and social objectives of the Mi'gmaq governments. The Assembly has established a secretariat, the Mi'gmawei Mawiomi Secretariat (MMS), to carry out its administrative functions that allow for MMS to pursue consultations and accommodations with any interest wanting to access the natural resources throughout Gespe'gewa'gi, its lands. The partnership with Innergex Renewable Energy Inc. is the first endeavour to partner with a company that will allow the Assembly to participate in the emerging wind power industry operating on its lands.
About Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc.(TSX: INE) is a leading Canadian independent renewable power producer. Active since 1990, the Company develops, owns, and operates run-of-river hydroelectric facilities, wind farms, and solar photovoltaic farms and carries out its operations in Quebec, Ontario, British Columbia, and Idaho, USA. Its portfolio of assets currently consists of: (i) interests in 28 operating facilities with an aggregate net installed capacity of 577 MW (gross 1,031 MW), including 22 hydroelectric operating facilities, five wind farms, and one solar photovoltaic farm; (ii) interests in seven projects under development or under construction with an aggregate net installed capacity of 190 MW (gross 263 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totaling 2,900 MW (gross 3,125 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P and BB (high) by DBRS (unsolicited rating).
The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities generating sustainable cash flows and providing a high return on invested capital, and to distribute a stable dividend.
Forward-Looking Information Disclaimer
This press release contains forward-looking information within the meaning of securities legislation. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by looking for words such as "about", "approximately", "may", "believes", "expects", "will", "intend", "should", "plan", "predict", "potential", "project", "anticipate", "estimate", "continue" or similar words or the negative thereof or other comparable terminology. Such forward-looking information includes, without limitation, statements with respect to commercial operation date, installed capacity, the obtaining of required permits, average annual electricity production, construction costs and timing, project financing, business strategy, and plans and objectives of or involving Innergex.
The forward-looking information includes forward-looking financial information or financial outlook, such as revenues, estimated construction costs, and electricity production, to inform investors of the potential financial impact of the project on the Corporation's results. Such information may not be appropriate for other purposes.
The forward-looking information is based on certain key expectations and assumptions made by Innergex as of the date of this press release, including expectations and assumptions concerning availability of capital resources, the obtaining of required permits, construction costs and timing, commercial operation date, and performance of the facility, as well as estimates, forecasts and opinions of the Corporation. Although Innergex believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information since no assurance can be given that they will prove to be correct. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, design, development and construction of the new facility, performance of third-party suppliers, and other risks generally attributable to the business of Innergex. For additional information with respect to risks and uncertainties, refer to the Annual Information Form of Innergex filed on SEDAR's website at www.sedar.com. The forward-looking information contained herein is made as of the date of this press release and the Corporation does not undertake any obligation to update or revise any forward-looking information, whether as a result of events or circumstances occurring after the date hereof, unless required by legislation.
SOURCE: INNERGEX RENEWABLE ENERGY INC.
For further information:
Marie-Josée Privyk, CFA, SIPC
Director - Investor Relations
450 928-2550, ext. 222
Mi'gmawei Mawiomi Secretariat
418 788-1760, ext. 102