Innergex announces the signature of a long-term power purchase agreement for the Hillcrest solar project in Ohio, USA

LONGUEUIL, QC, Nov. 28, 2019 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce that a long-term power purchase agreement ("PPA") was signed with an investment grade rated US corporation for its 200 MW_AC Hillcrest solar photovoltaic project located in Brown County, Ohio. Sales under the PPA will start upon the facility reaching commercial operation, which is expected in 2020.

"We are thrilled to have signed a PPA for all the electricity to be produced at the Hillcrest solar project. We will soon move forward with the project construction and further diversify our renewable energy portfolio by adding more solar energy capacity," said Michel Letellier, President and Chief Executive Officer of Innergex. "The solar energy market is booming at the moment and technologies are improving fast. It is a great market to evolve in as there are a lot of opportunities to seize for Innergex."

Hillcrest will be located on approximately 2,100 acres of existing pasture and agricultural land in Green Township, part of Brown County, north of Mount Orab, an area rich in solar resource and adjacent to a point of interconnection in the regional transmission system. The project will consist of a field with arrays of more than 600,000 photovoltaic solar panels arranged in rows on single-axis tracking foundations, for an estimated annual power generation of about 410,000 MWh. An interconnection service agreement is in place.

Innergex is required not to disclose the terms and conditions of the agreement until the other party has disseminated the information.

About Innergex Renewable Energy Inc.
The Corporation is an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms and solar farms. As a global corporation, Innergex conducts operations in Canada, the United States, France and Chile. Innergex manages a large portfolio of assets currently consisting of interests in 68 operating facilities with an aggregate net installed capacity of 2,588 MW (gross 3,488 MW), including 37 hydroelectric facilities, 26 wind farms and five solar farms. Innergex also holds interests in six projects under development, one of which under construction, with a net installed capacity of 296 MW (gross 378 MW), and prospective projects at different stages of development with an aggregate gross capacity totalling 7,767 MW. Respecting the environment and balancing the best interests of the host communities, its partners, and its investors are at the heart of the Corporation's development strategy. Its approach for building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend. Innergex Renewable Energy Inc. is rated BBB- by S&P.

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Since forward-looking statements address future events and conditions, they are by their very nature subject to inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the renewable energy industry in general such as execution of strategy; ability to develop projects on time and within budget; capital resources; derivative financial instruments; qualification for PTCs and ITCs; current economic and financial conditions; hydrology and wind regimes, solar irradiation; construction, design and development of new facilities; performance of existing projects; equipment failure; interest rate and refinancing risk; currency exchange rates, variation in merchant price of electricity, financial leverage and restrictive covenants; and relationships with public utilities. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Innergex are included in Innergex's annual information form available on SEDAR at www.sedar.com.

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SOURCE Innergex Renewable Energy Inc.