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Press Releases

5/7/2018 - Innergex Announces Signature of a 12-Year Power Purchase Agreement for Foard City Wind Project in Texas, USA
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Innergex Announces Signature of a 12-Year Power Purchase Agreement for Foard City Wind Project in Texas, USA
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
LONGUEUIL, QC, May 7, 2018 /PRNewswire/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce that it has signed a 12-year power purchase agreement ("PPA") with an affiliate of Luminant, a large Texas-based power company, for 300 MW of its Foard City wind project located in Foard County, Texas. Sales under the PPA will start upon the facility reaching commercial operation.
Development of the Foard City wind project is progressing very well and Innergex expects to issue full notice to proceed with construction in the fourth quarter of 2018. Site control is complete, as well as other development milestones such as environmental impact assessments and the signing of local property tax abatement agreements. Innergex has also recently executed an interconnection agreement for Foard City with Electric Transmission Texas, LLC. Commercial operation is expected in the third quarter of 2019. Upon completion of the project, the facility should reach an installed capacity of approximately 350 MW.
Additionally, Innergex believes that the on-site activities performed since 2016 should qualify the Foard City wind project for USA renewable tax incentives (production tax credits or "PTCs"). Discussions with financiers to secure tax equity and debt financing for the project are currently underway.
"With all of our ongoing development activities in the US, we are very pleased to have developed a new relationship with a strong offtaker such as Luminant," said Michel Letellier, President and Chief Executive Officer of Innergex. "Innergex is on a growth trajectory and, thanks to our dedicated team of talented people, we intend to seize every sound opportunity to pursue our development in Canada, the United States, France and in Latin America. We are on track to reach and exceed a net installed capacity of over 2,000 MW by 2020."
About Innergex Renewable Energy Inc.
The Corporation develops, acquires, owns and operates run-of-river hydroelectric facilities, wind farms, solar photovoltaic farms and geothermal power generation plants. As a global player in the renewable energy sector, Innergex conducts operations in Canada, the United States, France and Iceland. Innergex manages a large portfolio of assets currently consisting of interests in 64 operating facilities with an aggregate net installed capacity of 1,604 MW (gross 2,886 MW), including 34 hydroelectric facilities, 25 wind farms, three solar farms and two geothermal facilities. Innergex also holds interests in two projects under development with a net installed capacity of 355 MW (gross 360 MW) one of which is currently under construction and prospective projects at different stages of development with an aggregate net capacity totalling 8,180 MW (gross 8,850 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P. The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.
Forward-Looking Information Disclaimer
In order to inform readers of the Corporation's future prospects, this press release contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information). Forward-Looking Information can generally be identified by the use of words such as "projected", "potential", "expect", "will", "should", "estimate", "forecasts", "intends", or other comparable terminology that states that certain events will or will not occur. It represents the estimates and expectations of the Corporation relating to future results and developments as of the date of this press release
Forward-Looking Information in this press release is based on certain key expectations and assumptions made by the Corporation. The following table outlines Forward-Looking Information contained in this press release, the principal assumptions used to derive this information and the principal risks and uncertainties that could cause actual results to differ materially from this information.
                                                                                                  
Principal Assumptions	Principal Risks and Uncertainties
Expected Production For each facility, the Corporation determines a long-term average annual level of electricity production ("LTA") over the expected life of the facility, based on engineers' studies that take into consideration a number of important factors: for wind energy, the historical wind and meteorological conditions and turbine technology. Other factors taken into account include, without limitation, site topography, installed capacity, energy losses, operational features and maintenance. Although production will fluctuate from year to year, over an extended period it should approach the estimated long-term average.	Improper assessment of wind resources and associated electricity production Variability in hydrology, wind regimes and solar irradiation Equipment failure or unexpected operations & maintenance activity Natural Disaster
Estimated project costs, expected obtainment of permits, start of construction, work conducted and start of commercial operation for Development Projects or Prospective Projects For each development project, the Corporation provides an estimate of project costs based on its extensive experience as a developer, directly related incremental internal costs, site acquisition costs and financing costs, which are eventually adjusted for the projected costs provided by the engineering, procurement and construction ("EPC") contractor retained for the project. The Corporation provides indications regarding scheduling and construction progress for its Development Projects and indications regarding its Prospective Projects, based on its extensive experience as a developer.	Performance of counterparties, such as the EPC contractors Delays and cost overruns in the design and construction of projects Obtainment of permits Equipment supply Interest rate fluctuations and financing risk Relationships with stakeholders Regulatory, tax and political risks Higher-than-expected inflation Natural disaster Outcome of insurance claims
Projected Revenues For each facility, expected annual revenues are estimated by multiplying the LTA by a price for electricity stipulated or hedged in the power purchase agreement secured with a public utility or other creditworthy counterparty. These agreements stipulate a base price and, in some cases, a price adjustment depending on the month, day and hour of delivery. In most cases, power purchase agreements also contain an annual inflation adjustment based on a portion of the Consumer Price Index.	Production levels below the LTA caused mainly by the risks and uncertainties mentioned above   Unexpected seasonal variability in the production and delivery of electricity   Lower-than-expected inflation rate   Changes in the purchase price of electricity upon renewal of a PPA   Ability to secure new PPA or power hedge agreement
Expected project financing The Corporation provides indications of its intention to secure project-level debt and tax equity financing for its Development Projects, based on the expected costs and revenues of each project, the expected remaining PPA term, and the Corporation's extensive experience in project financing and knowledge of capital markets.	Customary risks related to project-level debt and tax equity financing Interest rate fluctuations Financial leverage and restrictive covenants governing current and future indebtedness
Qualification for PTCs   For certain Development Projects in the United States, the Corporation has conducted on and off-site activities expected to qualify its Development Projects for PTCs at the full rate and to obtain tax equity financing on such basis. To assess the potential qualification of a project, the Corporation takes into account the construction work performed and the timing of such work.	Risks related to U.S. Production Tax Credit, Changes in U.S. Corporate Tax Rates and Availability of Tax Equity Financing Regulatory and political risks Delays and cost overruns in the design and construction of projects Obtainment of permits
 
The material risks and uncertainties that may cause actual results and developments to be materially different from current expressed Forward-Looking Information are referred to in the Corporation's Annual Information Form in the "Risk Factors" section and include, without limitation: the ability of the Corporation to execute its strategy for building shareholder value; its ability to raise additional capital and the state of capital markets; liquidity risks related to derivative financial instruments; variability in hydrology, wind regimes and solar irradiation; delays and cost overruns in the design and construction of projects; uncertainty surrounding the development of new facilities; variability of installation performance and related penalties; and the ability to secure new power purchase agreements or to renew existing ones.
Although the Corporation believes that the expectations and assumptions on which Forward-Looking Information is based are reasonable, readers of this press release are cautioned not to rely unduly on this Forward-Looking Information since no assurance can be given that they will prove to be correct. 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 of this press release, unless so required by legislation.
innergex.com
 
View original content:http://www.prnewswire.com/news-releases/innergex-announces-signature-of-a-12-year-power-purchase-agreement-for-foard-city-wind-project-in-texas-usa-300643460.html
SOURCE Innergex Renewable Energy Inc.

Article Date
5/7/2018
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1/17/2018 - Alterra Power Corp. Announces Election Deadline for Innergex Arrangement
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Alterra Power Corp. Announces Election Deadline for Innergex Arrangement
Source: PR Newswire
TSX: AXY
VANCOUVER, Jan. 17, 2018 /PRNewswire/ - Alterra Power Corp. ("Alterra") announces that registered holders of Alterra common shares ("Alterra Shares") must indicate their election no later than 2:00 p.m. (Vancouver time) on January 25, 2018 to receive either:
(i)	$8.25 in cash for each Alterra Share held by such registered holder (the "Cash Alternative"); or
(ii)	0.5563 common shares of Innergex Renewable Energy Inc. ("Innergex") for each Alterra Share held by such registered holder (the "Share Alternative"),
in connection with the previously announced plan of arrangement whereby Innergex will acquire all of the issued and outstanding Alterra Shares (the "Arrangement").
Election Deadline
Registered holders of Alterra Shares may make an effective election by depositing with Computershare Trust Company of Canada, before 2:00 p.m. (Vancouver time) on January 25, 2018 (the "Election Deadline"), a properly completed and duly executed letter of transmittal and election form (the "Letter of Transmittal and Election Form") indicating their election to receive the Cash Alternative or the Share Alternative, together with the certificates (if applicable) representing their Alterra Shares and all other documentation required by Computershare Trust Company of Canada. The Letter of Transmittal and Election Form is available on Alterra's website at www.alterrapower.ca and on SEDAR at www.sedar.com or by contacting Computershare Trust Company of Canada. Any questions regarding the election of the Cash Alternative or the Share Alternative, including any request for another copy of the Letter of Transmittal and Election Form, should be directed to Computershare Trust Company of Canada at 1-800-564-6253 toll free in North America or by email at corporateactions@computershare.com.
Non-registered holders of Alterra Shares that hold their Alterra Shares through a broker, investment dealer or other intermediary should carefully follow the instructions and deadlines from the intermediary that holds such Alterra Shares on their behalf and should contact such intermediary for instructions and assistance in making an election or with any questions about their election. Non-registered holders of Alterra Shares who may have made an election through an intermediary prior to the date of this news release may wish to contact their intermediary prior to the Election Deadline to verify that their election has been made properly.
Any holder of Alterra Shares who fails to properly make an election prior to the Election Deadline (or any extension thereof), or for whom Computershare Trust Company of Canada determines that their election was not properly made with respect to any Alterra Shares, will be deemed to have elected to receive, for each Alterra Share held by such person, the Cash Alternative, subject to proration and rounding. The Cash Alternative and the Share Alternative are each subject to proration provisions, such that the aggregate consideration paid to all Alterra shareholders will consist of approximately 25% in cash and 75% in Innergex common shares. Accordingly, an Alterra shareholder may receive both cash and Innergex common shares in exchange for Alterra Shares regardless of the Alterra shareholder's election to receive the Cash Alternative or Share Alternative. All elections and deposits made under the Letter of Transmittal and Election Form are irrevocable.
The election available in respect of the Cash Alternative or the Share Alternative is an investment decision which carries tax consequences. Moreover, Innergex has agreed to make joint elections with eligible Alterra shareholders in respect of the disposition of their Alterra Shares pursuant to Section 85 of the Income Tax Act (Canada) (and any similar provision of any applicable provincial tax legislation) in accordance with the procedures and within the time limits set out in the Arrangement. Holders of Alterra Shares should consult their investment and tax advisors prior to making their election.
Further information regarding the Arrangement is contained in Alterra's management information circular dated November 14, 2017 (the "Circular"). For further information with respect to the election described above, see the following sections of the Circular: "Arrangement Mechanics - Letters of Transmittal and Election Form" and "Arrangement Mechanics - Procedure for Exchange of Alterra Shares".
Closing of Arrangement
Subject to all closing conditions with respect to the Arrangement being satisfied or waived, it is expected that the Arrangement will be completed in the first quarter of 2018.
About Alterra Power Corp.
Alterra Power Corp. is a global renewable energy company that manages operations of nine power plants totalling 836 MW of hydro, wind, geothermal and solar generation capacity in Canada, the USA and Iceland. Alterra owns a 375 MW share of this capacity, generating over 1,500 GWh of clean power annually.
Alterra is also constructing the 200 MW Flat Top wind project in central Texas, which is expected to be in operation in the first half of 2018 (51% owned by Alterra). Upon the completion of Flat Top, Alterra will operate ten power plants totalling 1,036 MW of capacity and will own a 476 MW share of this capacity, generating almost 2,000 GWh of clean power annually. Alterra also has an extensive portfolio of development projects and a skilled team of developers, builders and operators to support its growth plans.
Alterra trades on the Toronto Stock Exchange under the symbol AXY.
ABOUT INNERGEX RENEWABLE ENERGY INC.
Innergex 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, Canada, France and Idaho, U.S. Its portfolio of assets currently consists of interests in 54 operating facilities with an aggregate net installed capacity of 1,124 MW (gross 1,845 MW), including 31 hydroelectric facilities, 22 wind farms and one solar farm and prospective projects with an aggregate net capacity totalling 3,560 MW (gross 3,940 MW). Innergex is rated BBB- by S&P.
Innergex's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.
Innergex trades on the Toronto Stock Exchange under the symbol INE.
Cautionary Note regarding Forward-Looking Statements and Information
This press release contains statements that are "forward-looking information" within the meaning of Canadian securities legislation including, but not limited to, expected timing for completion of the Arrangement; expected timing for completion of Flat Top; and estimates of annual generation.
Forward-looking statements are based on certain key expectations and assumptions made by Alterra, including expectations and assumptions concerning: economic and financial conditions; project performance; the timing of receipt of the requisite regulatory and other third-party approvals for the Arrangement; and success and timely completion of construction efforts at the Flat Top project. Although Alterra believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Alterra can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, they are by their very nature subject to inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the renewable energy industry in general such as execution of strategy; ability to construct Flat Top on time and within budget; ability to develop Innergex's and Alterra's projects on time and within budget; capital resources; derivative financial instruments; current economic and financial condition; hydrology, wind , geothermal and solar resource regimes; construction, design and development of new facilities; performance of existing projects; equipment failure; interest rate and refinancing risk; currency exchange rates, variation in merchant price of electricity, risks associated with the near-term maturity of Alterra's holding company (Sweden) bond; risks associated with recently announced changes to the U.S. federal tax regime; financial leverage and restrictive covenants; and relationship with public utilities.
There are also risks inherent to the Arrangement, including incorrect assessments of the value of Innergex or Alterra; failure to satisfy the closing conditions; exercise of termination rights by Innergex or Alterra; failure to obtain the requisite regulatory and other third-party approvals, including approval by the Federal Energy Regulatory Commission (FERC) and the Federal Trade Commission. Accordingly, there can be no assurance that the Arrangement will occur, or that it will occur on the terms and conditions, or at the time, contemplated in this news release. The Arrangement could be modified, restructured or terminated. There can also be no assurance that the strategic, operational or financial benefits expected to result from the Arrangement will be realized.
If the Arrangement is not completed, and Alterra continues as a separate entity from Innergex, there are risks that the announcement of the Arrangement and the dedication of substantial resources of Alterra to the completion of the Arrangement could have an impact on its business and strategic relationships (including with future and prospective employees, customers, distributors, suppliers and partners), operating results and businesses generally, and could have a material adverse effect on the current and future operations, financial condition and prospects of Alterra. Furthermore, the failure of Alterra to comply with the terms of the arrangement agreement dated October 30, 2017 with Innergex which governs the Arrangement may, in certain circumstances, result in Alterra being required to pay a fee to Innergex, the result of which could have a material adverse effect on Alterra's financial position and results of operations and its ability to fund growth prospects and current operations.
Alterra is relying on certain assumptions that it believes are reasonable at this time, including assumptions as to the timing of receipt of regulatory and other third-party approvals or consents and the time necessary to satisfy the conditions to the closing of the Arrangement. These dates may change for a number of reasons, including inability to secure necessary regulatory or third-party approvals in a timely manner or the need for additional time to satisfy the conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release concerning these times.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Alterra are included in Alterra' annual information form filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com).
The forward-looking statements contained in this press release are made as of the date hereof and Alterra undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.                                                                                    
SOURCE Alterra Power Corp.

Article Date
1/17/2018
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