Canada

Canada

New projects boost Innergex earnings

CANADA: Newly commissioned and acquired wind farms drove up Canadian developer Innergex's revenue last year.

Revenues from the Mesgi’g Ugju’s’n site and other recently commissioned projects boosted Innergex's earnings
Revenues from the Mesgi’g Ugju’s’n site and other recently commissioned projects boosted Innergex's earnings

The company recorded a 36.7% increase in revenue from C$293 million ($231 million) in 2016 to C$400 million in 2017.

Its operating profit (Ebitda) also increased, from C$216 million to C$299 million, up 38.3% year-on-year.

Innergex stated the increase in revenue was "attributable mainly to the facilities commissioned in 2016 and 2017 and the wind facilities acquired in 2016 and 2017 in France".

It also cited higher production at its hydropower facilities in Ontario, Canada, for this rise.

The developer commissioned the 149.25MW Mesgi’g Ugju’s’n wind farm in Quebec in December 2016. In 2017 it added the 22MW Plan Fleury site in the Aube department in north-eastern France, then the 81.4MW Upper Lillooet River and 25.3MW Boulder Creek hydro plants.

Innergex also secured a deal to acquire fellow Canadian developer Alterra Power for C$1.1 billion in November 2017.

Alterra owned 364MW of operational projects with a combined capacity of 825MW — including half of the 204MW Shannon wind farm in Texas and 26% of the 144MW Dokie 1 site in British Columbia.

It also fully owned the planned 350MW Foard City site, and has a majority stake in the 200MW Flat Top project — both of which are in Texas. The deal was completed on 6 February 2018, Innergex stated.

President and CEO Michel Letellier said: "With the acquisition of Alterra Power and the combination of both talented teams, we are a strong renewable power producer with solid capabilities to seize numerous opportunities concurrently and to accelerate our growth in the United States, Canada and Europe."

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