innergex renewable energy (INE) Details
Innergex Renewable Energy Inc. operates as an independent renewable power producer. It operates in four segments: Hydroelectric Generation, Wind Power Generation, Solar Power Generation, and Site Development. The company develops, owns, and operates run-of-river hydroelectric facilities, wind energyfarms, and solar photovoltaic farms. It owns a portfolio of power-generating projects, including 5 wind farms, 22 hydroelectric operating facilities, and 1 solar photovoltaic farm with an aggregate net installed capacities of 224.0 megawatt (MW), 319.3 MW, and 33.2 MW; 7 projects under development with an aggregate net installed capacity of 189.7 MW; and various prospective projects with an aggregate net capacity approximately 2,900 MW. The company operates in Quebec, Ontario, and British Columbia of Canada, as well as in Idaho, the United States. Innergex Renewable Energy Inc. was founded in 1990 and is headquartered in Longueuil, Canada.
Last Reported Date: 03/14/13
Founded in 1990
innergex renewable energy (INE) Top Compensated Officers
Chief Executive Officer, President, Director ...
Total Annual Compensation: C$375.0K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: C$217.5K
Senior Vice President of Operations and Maint...
Total Annual Compensation: C$190.0K
Senior Vice President of Western Region
Total Annual Compensation: C$190.0K
Senior Vice President of Project Management
Total Annual Compensation: C$176.6K
Compensation as of Fiscal Year 2012.
Innergex Renewable Energy Inc. Extends its Revolving Term Credit Facility to 2018
Jun 17 13
Innergex Renewable Energy Inc. has extended its $425 million revolving term credit facility with a new five-year term ending in 2018. The revolving term credit facility serves in part to finance 13 of the company's otherwise unencumbered operating facilities, and in part to provide a flexible source of capital to fund the company's growth. Terms and conditions remain unchanged and usage flexibility is enhanced. The banking syndicate for the facility also remains unchanged, and includes The Toronto-Dominion Bank as administrative agent and lender, Bank of Montreal as syndication agent and lender, and Canadian Imperial Bank of Commerce, Caisse centrale Desjardins, National Bank of Canada, The Bank of Nova Scotia, and Laurentian Bank of Canada, also as lenders.
Innergex Renewable Energy Inc. $72 Million Non-Recourse Construction and Term Project Financing for the Northwest Stave River
May 23 13
Innergex Renewable Energy Inc. has closed a $72 million non-recourse construction and term project financing for the Northwest Stave River run-of-river hydroelectric project located in British Columbia, Canada. The $72 million construction loan will carry a fixed interest rate of 5.3%; upon the start of the project's commercial operation, it will convert into a 40-year term loan and the principal will begin to be amortized over a 35-year period, starting in the sixth year. The financing has been arranged by Industrial Alliance Insurance and Financial Services Inc. as agent and lead lender, and includes Stonebridge Infrastructure Debt Fund I L.P. as lender.
Innergex Renewable Energy Inc. Reports Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2013; Declares Series A Preferred Share Dividend, Series C Preferred Share Dividend and Common Share Divided, Payable on July 15, 2013
May 14 13
Innergex Renewable Energy Inc. reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2013. For the quarter, the company reported power generated of 386,171 (MWh) against 319,341 (MWh) a year ago. Electricity production reached 386.2 GWh, or 84% of the long-term average, compared to 81% in the corresponding quarter last year. The Stardale solar farm produced 6% less than its long-term average due to the unusually large snow falls followed by the extreme cold weather in January, which slowed down the removal of snow on the solar panels.
For the quarter, the company reported operating revenues of CAD 35,688,000 against CAD 28,069,000 a year ago. Operating revenues increased by 27% for the quarter, due mainly to the contribution of the Stardale solar farm, additional capacity of the Gros-Morne wind farm, and the acquisition of the Brown Lake and Miller Creek hydroelectric facilities. Adjusted EBITDA was CAD 25,403,000 against CAD 18,289,000 a year ago. Adjusted EBITDA increased by 39%, mainly as a result of higher operating revenues and relatively stable operating, general, and administrative expenses. Net loss was CAD 178,000 against net earnings of CAD 7,805,000 a year ago. The Corporation recorded a net loss due to mainly a much higher net gain on derivative financial instruments recorded in the first quarter of 2012. Excluding the unrealized net gain and the related deferred provision for income taxes, the loss would have been CAD 5.0 million, compared to a loss of CAD 17.5 million in 2012. Net earnings per share were CAD 0.01 against CAD 0.10 a year ago. Cash flows generated by operating activities totaled CAD 12.2 million, compared to CAD 9.4 million in 2012. Higher Adjusted EBITDA and other net revenues were partly offset by a negative variation in non-cash operating working capital items.
On May 14, 2013, the corporation declared a dividend of CAD 0.3125 per Series A Preferred Share payable on July 15, 2013, to Series A preferred shareholders of record at the close of business on June 28, 2013. On May 14, 2013, the corporation declared a dividend of CAD 0.359375 per Series C Preferred Share payable on July 15, 2013, to Series C preferred shareholders of record at the close of business on June 28, 2013.
On May 14, 2013, the corporation declared a dividend of CAD 0.1450 per common share payable on July 15, 2013, to common shareholders of record at the close of business on June 28, 2013.