Innergex Renewable Energy 2018 Earnings & Price Target Update
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Innergex Corp. (INE) is focused on the renewable energy sector with operations in run of river hydroelectric generation, wind power generation, geothermal power generation, solar power and site development. Generation facilities are located in Canada (64%), France, United States, Iceland (sold in Q1-2019, 174MW) and Chile. Innergex manages and owns a portfolio of assets currently consisting of interests in 68 operating facilities with an aggregate net installed capacity of 2082MW (gross 3,062 MW). Innergex also holds interests in eight projects under development, mainly wind and solar in the US with a net installed capacity of 900 MW (gross 983 MW), three of which are currently under construction and prospective projects at different stages of development with an aggregate gross capacity totaling 8,147 MW. Facilities have an average age of 9 years.
During 2018, seven acquisitions were completed, a total of 14 new operating facilities were added; dividends were increased by 3%. A total of five new facilities became operational in Q2-2018.
Innergex interests include 37 hydroelectric facilities, which draw on 31 watersheds, 25 windfarms, 2 geothermal plants and 4 solar farms. Prospective projects have a combined potential net installed capacity of 8,147MW of which 75% are wind power and the balance mainly hydro power. By megawatt capacity 39% are from hydro, wind-53%, geothermal- 5% and solar at 3%. Most of their PPA's include inflation adjustment provisions and together have an average term in excess of 16 years. The acquisition of Alterra Power Corp in Feb-2018 is their largest to date adding 8 generation facilities located in Canada, US and Iceland.
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