Innergex advances to final shortlist of bidders for long-term power purchase agreement with 331.8 MW wind project in Wyoming, USA

LONGUEUIL, Quebec, June 17, 2021 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) is pleased to announce it has been selected to PacifiCorp’s 2020 All-Source Request for Proposal final shortlist with its 331.8 MW Boswell Springs wind project in Wyoming, USA. The Power Purchase Agreement, to be concluded with PacifiCorp during Q4 2021, is expected to be structured as a 30-year “take-or-pay” contract. Boswell’s Commercial Operation Date is scheduled during Q4 2024.

“We are excited to move forward with this substantial wind project in Wyoming. This project should allow Innergex to strengthen its geographical and technological diversification strategy in the United States,” said Michel Letellier, President and Chief Executive Officer of Innergex. “With Boswell Springs and the current projects in development in the United States, Innergex would operate almost 2,000 MW in the country at the end of 2024, spread across seven states and three technologies. We are enthusiastic about our development strategy in the United States and abroad where we are present which supports the various carbon reduction commitments which contribute to building a better world.”

This project is subject to the execution of commercial agreements with PacifiCorp, as well as the successful completion of various federal, state, and local permitting and regulatory requirements.

For over 30 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 76 operating facilities with an aggregate net installed capacity of 2,747 MW (gross 3,701 MW) and an energy storage capacity of 150 MWh, including 37 hydroelectric facilities, 33 wind farms and six solar farms. Innergex also holds interests in nine projects under development, three of which are under construction, with a net installed capacity of 551 MW (gross 623 MW) and an energy storage capacity of 329 MWh, as well as prospective projects at different stages of development with an aggregate gross capacity totalling 6,875 MW. Its approach to building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.

Cautionary Statement Regarding Forward-Looking Information

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”), including the Corporation’s projected financial performance, power production, prospective projects, successful development, construction and financing (including tax equity funding) of the projects under construction and the advanced stage prospective projects, sources and impact of funding, project acquisitions, execution of non-recourse project-level financing (including the timing and amount thereof), and strategic, operational and financial benefits and accretion expected to result from such acquisitions, business strategy, future development and growth prospects (including expected growth opportunities under the Strategic Alliance with Hydro-Québec), business integration, governance, business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as “approximately”, “may”, “will”, “could”, “believes”, “expects”, “intends”, “should”, “would”, “plans”, “potential”, “project”, “anticipates”, “estimates”, “scheduled” or “forecasts”, or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release.

Forward-Looking Information includes future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the Corporation’s expected production, the estimated project costs, projected revenues, projected Revenues Proportionate, projected Adjusted EBITDA and projected Adjusted EBITDA Proportionate, Projected Free Cash Flow, Projected Free Cash Flow per Share and intention to pay dividend quarterly, the estimated project size, costs and schedule, including obtainment of permits, start of construction, work conducted and start of commercial operation for Development Projects and Prospective Projects, the Corporation’s intent to submit projects under Requests for Proposals, the qualification of U.S. projects for PTCs and ITCs and other statements that are not historical facts. Such information is intended to inform readers of the potential financial impact of expected results, of the expected commissioning of Development Projects, of the potential financial impact of completed and future acquisitions, of the Corporation’s ability to sustain current dividends and to fund its growth and of the possible outcomes of the proceedings initiated in Texas with regard to the Flat Top and Shannon facilities. Such information may not be appropriate for other purposes.

Forward-looking Information is based on certain key assumptions made by Innergex, including, without restrictions, assumptions concerning project performance, economic, financial and financial market conditions, expectations and assumptions concerning availability of capital resources and timely performance by third-parties of contractual obligations, receipt of regulatory approvals and the divestiture of select assets. Although Innergex believes that the expectations and assumptions on which such forward-looking information is based are reasonable, under the current circumstances, readers are cautioned not to rely unduly on this forward-looking information as no assurance can be given that they will prove to be correct. The forward-looking information contained in this press release is made as of the date hereof and Innergex 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 so required by law.

For more information on the risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the forward-looking information or on the principal assumptions used to derive this information, please refer to the “Forward-Looking Information” section of the Management’s Discussion and Analysis for the three-month period ended March 31, 2021.

Investor Relations

Jean-François Neault

Chief Financial Officer

450 928-2550, ext. 1207

[email protected]

Media

Karine Vachon

Senior Director – Communications

450 928-2550, ext. 1222

[email protected]