Innergex Renewable Energy Inc. Q3-2021 Earnings, Price Target Update
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Innergex Corp. (INE) owns interests in 79 power generation facilities in commercial operation and nine development projects of which the largest is hydro in Chile and solar in the US. Innergex Corp. is focused on the renewable energy sector with interests in 40 hydroelectric facilities drawing on 33 watersheds, 32 wind farms and 7 solar farms. Commissioned between 1986 and Jul-2021, the facilities have an average age of 8.2 yrs, the power purchase agreements have an average term of 14.2 yrs.
They mostly sell the generated power under long-term power purchase agreements, power hedge contracts and short- and long-term industrial contracts with rated public utilities or on the open market. Canadian facilities represent 52% of production capacity, US-32%, France and Chile at 8% each. Hydro facilities constitute 32% of capacity, Wind -53% and solar at 15%.
Hydro-Québec, a Quebec Provincial Crown corporation that provides utility services, generates, transmits, and distributes electricity to customers in Canada and is Innergex's main shareholder at 19.9%, 1832 Asset Management LP holds 10%, BlackRock Inc. holds 9.2%, and the Caisse de dépôt et placement du Québec (CDPQ), owns 7.4% of Innergex's shares.
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