Innergex's generation and revenue up in H1

CANADA: Recent acquisitions and newly commissioned projects continued to lift developer Innergex's production and revenue in the first half of the year.

Innergex acquired a 50% stake in the 204MW Shannon wind farm in Texas (above) from Alterra Power
Innergex acquired a 50% stake in the 204MW Shannon wind farm in Texas (above) from Alterra Power

Its H1 revenue increased 45.2% year-on-year to C$267.4 million ($203.4 million), while its earnings before interest, tax, depreciation and amortisation (Ebitda) between 1 January and 30 June rose 30.4% to C$178.4 million.

The developer stated this was mostly due to contributions from wind farms owned by Alterra Power, which it acquired in February, and from improved performance at its wind projects in Quebec, Canada.

Its facilities — which also include solar PV and hydroelectric plants — generated 2,959GWh in the first six months of the year, an increase of 44.7% year-on-year.

The developer noted that its wind farms produced 97% of their long-term average, and that its 149.25MW Mesgi’g Ugju’s’n site in Quebec had higher production levels in H1 2018.

Innergex also boosted its hydro capacity in H1 through acquisitions of interests in other companies. These facilities also increased revenue, the company added.

However, its net earnings of C$2.2 million for the first six months of 2018 were down 80.7% year-on-year.

This decrease was mainly due to increased finance costs, depreciation and amortisation, the developer stated.

In March, Innergex commissioned the 200MW Flat Top project in Texas, United States, in which it holds a 51% stake.

It also secured a 12-year power purchase agreement (PPA) in May for 300MW of the 350MW Foard City project it acquired from Alterra in February.

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