Innergex Renewable Energy Inc. Earnings Update
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Innergex Corp.(INE) develops, owns and operates 31 run-of-river hydroelectric facilities, 8 wind farms and 1 solar photovoltaic farms in Quebec, Ontario and British Columbia, 13 wind farms in France and one hydro facility in Idaho. The power generation portfolio currently consists of interests in 54 operating facilities with an aggregate net owned capacity of 1,124 MW (gross 1,845 MW). This includes 31 hydroelectric facilities, 22 wind farms and one solar farm; and prospective projects with an aggregate net capacity of 3,560 MW (gross 3,940 MW). Run of river hydro power contributes 62% of production, wind power- 30% and solar 8%. Most of their PPA's include inflation adjustment provisions and have an average term in excess of 18 years. The pending acquisition of Alterra Power Corp. will add 8 generation facilities located in Canada, US and Iceland.
For the comparative rolling 12 month periods to Sept-30 the payout ratio improved to 80% this year from 89% last year. This positive change results mainly from the recent commissioning of the Mesgi'g Ugju's'n, Upper Lillooet River and Boulder Creek facilities, partly offset by the increase in annual dividend, higher dividend payments as a result of a higher number of common shares outstanding due to the issuance of 3.9M shares to Desjardins Group affiliates.
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