Innergex & Partners Sign 30-Year Power Purchase Agreement with Hydro-Quebec

Source: 4/15/2024, Location: North America

- Signature of a 30-year power purchase agreement with Hydro-Québec for electricity to be generated by the Lotbiniere Ndakina community wind project (100 MW)
- Partnership between Innergex (50%), the RCM of Lotbinière (45%), the Abenaki Council of Odanak (2.5%) and the Abenaki Council of Wolinak (2.5%)
- Community and Indigenous partnership to bring economic and social benefits to the local community
- Guaranteed steady cash flow for 30 years, indexed to inflation

Innergex Renewable Energy Inc. (TSX: INE) (“Innergex”), the Regional County Municipality of Lotbinière ("RCM of Lotbiniere") and the Abenaki Councils of Odanak and Wolinak are pleased to announce the signing of a 30-year power purchase agreement with Hydro-Québec (S&P credit rating: AA-) for the electricity to be generated by the 100 MW community wind power project.

« The signing of this long-term contract with Hydro-Quebec marks a significant milestone in the project's progress. By producing reliable, competitively priced wind energy, we will contribute to strengthening the stability of the power grid while meeting Quebec's growing energy needs. This agreement underscores our determination to support the ambitions of Canadian utilities in the energy transition, while guaranteeing ongoing revenues for our project, » said Michel Letellier, President and Chief Executive Officer of Innergex.

« The signing of the power purchase agreement with Hydro-Québec marks the culmination of a long administrative process conducted in concert with our partners, and sets in motion the actual development of the project by ensuring with the community that it is socially acceptable, both to the citizens and to the various organizations and associations concerned, all in order to meet the growing demand for renewable energy, » says Daniel Turcotte, Prefect of the RCM of Lotbiniere.

« We are pleased to see the progress of our project, which is important for the prosperity of future generations, and which also recognizes our role as guardians of the Ndakina, our ancestral territory. We will continue to be involved to ensure territorial development that respects our values and traditions, » said Rick O'Bomsawin, Chief of the Abenaki Council of Odanak.

« I'm very proud to see our project reach this important milestone. It allows us to look forward to significant economic benefits for the W8banaki Nation, and the continuation of a fruitful collaboration with our partners at Innergex and the RCM of Lotbinière towards a sustainable and inclusive energy transition, » said Michel R. Bernard, Chief of the Abenaki Council of Wolinak.

The long-term power purchase agreement is structured as a take-or-pay contract, indexed to a predefined percentage of the Consumer Price Index ("CPI"), ensuring financial stability and protection against inflation.

On January 26, 2024, the Lotbinière Ndakina wind project was selected in Hydro-Québec's call for tenders. Upon commercial commissioning, scheduled in late 2028, the project will generate enough electricity to power the equivalent of 20,000 households.

Construction of the Lotbiniere Ndakina wind project will require the creation of around 200 jobs and will involve the participation of local and regional businesses. Long-term, permanent, skilled jobs will also be created during the operating period.

Interconnection and collector system costs will be reimbursed by Hydro-Québec when the facility is commissioned.

The project is subject to the execution of contracts with suppliers, and to the successful completion of permit application processes and regulatory requirements.

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