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Innergex Renewable Energy Inc. Q3-2020 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. The 75 facilities are located in Canada, the United States, France and Chile and include 37 hydroelectric facilities, 32 wind farms and five solar farms. Innergex also holds interests in ten projects under development, three of which are under construction, with an installed capacity of 555 MW (gross 629 MW) and an energy storage capacity of 329 MWh, as well as prospective projects at different stages of development with an aggregate gross capacity totaling 6,871 MW. The projects under development are budgeted at $440M. Revenues from the US approximately doubled during 2019 from completion of 777MW of capacity during 2019 in Texas costing $1.1B and the disposition of Iceland thermal facilities in Q1-2019. They have interests in ten projects under development of which four are currently under construction with commercial operation planned for 2021 and 2023

The 75 facilities in commercial operation commissioned between 1992 and Nov-2019 with an average age of 7.7 years and installed capacity of 2,742 MW (gross 3,694 MW). They sell the generated power under long-term power purchase agreements, power hedge contracts and short- and long-term industrial contracts to rated public utilities or on the open market. The average age of the Power Purchase Agreements is 14.4 years. For most facilities in Canada and in France, PPAs include a base price and, in some cases, a price adjustment depending on the month, day and hour of delivery. For most Operating Facilities in the United States, power generated is sold through PPAs or on the open market supported by financial or physical power hedges. In Chile, Operating Facilities sell the power generated through PPAs to industrial customers or on the open market

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