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Innergex reports solid 2018 second quarter results driven by recents acquisitions and commissionings

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Innergex reports solid 2018 second quarter results driven by recents acquisitions and commissionings

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MORE THAN 2,000 MW OF INSTALLED NET CAPACITY REACHED

  • Revenues up 37% to $149.5 million in Q2 2018 compared with the same period last year.
  • Adjusted EBITDA rose 15% to $99.1 million in Q2 2018 compared with the same period last year.
  • Adjusted EBITDA Proportionate rose 28% to $113.3 million in Q2 2018 compared with the same period last year.

All amounts are in Canadian dollars, except as noted.

LONGUEUIL, QC, Aug. 13, 2018 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") today released strong operating and financial results for the second quarter and six-month period ended June 30, 2018. Its performance was in large part influenced by the facilities recently acquired or commissioned together with improved performance especially at our wind farms in Quebec.

"The overall performance of our facilities as well as the addition of our major acquisition achieved in February 2018 are the main contributors to our strong results in the quarter", said Michel Letellier, President and Chief Executive Officer of Innergex. " We have made several strategic moves since the end of the quarter which will benefit Innergex in the future. Our recent acquisition in Quebec will contribute significantly to our results while our breakthrough in Chile allows us to enter the South American market and provides us with a platform to pursue our growth in the hydroelectricity sector, an expertise of the Innergex team. We are proud to have already reached our previous objective of 2,000 MW by 2020 and we now should reach 2,500 MW in the same period."

 

OPERATING RESULTS




Amounts shown are in thousands of Canadian dollars except as noted otherwise.

Three months ended June 30


Six months ended June 30

2018


2017


2018


2017

Power generated (MWh)

1,823,321


1,322,781


2,959,666


2,045,053

Long-term average (MWh) ("LTA")

1,827,540


1,437,100


3,010,130


2,257,734

Revenues

149,541


109,530


267,422


184,056

Adjusted EBITDA1

99,127


85,920


178,470


136,861

Adjusted EBITDA Proportionate1

113,252


88,817


196,017


142,008

Net earnings

16,786


13,937


2,198


11,441

Net earnings, $ per share - basic and diluted

0.09


0.12


0.03


0.13








Trailing twelve months ended
June 30




2018


2017

Free Cash Flow1



91,519


75,888

Payout Ratio1



88%


93%

1 Please refer to the Non-IFRS Measures Disclaimer for the definition of Adjusted EBITDA, Adjusted EBITDA Proportionate, Free Cash Flow and Payout Ratio.

 

Three-month period ended June 30, 2018
The Corporation's facilities produced 1,823,321 MWh of electricity or 100% of the LTA of 1,827,540 MWh. Overall, the hydroelectric facilities produced 101% of their LTA, the wind farms produced 96% of their LTA , the geothermal facilities produced 101% of their LTA and the Stardale solar farm produced 114% of its LTA .

The Corporation recorded revenues of $149.5 million, up 37%, and Adjusted EBITDA of $99.1 million, up 15%, mainly due to the contribution of the facilities acquired in 2017 and 2018 and to higher production at the Mesgi'g Ugju's'n, Upper Lillooet River and Boulder Creek facilities. The Adjusted EBITDA Margin decreased from 78.4% to 66.3% for the three-month period due mainly to a larger increase in expenses as opposed to the increase in revenues resulting from the integration of the HS Orka geothermal operations which generate a lower margin related to its higher maintenance, daily operations and power purchasing costs. The decrease in the Adjusted EBITDA Margin is also due to challenging post-commissioning activities at the Upper Lillooet River facility. The Adjusted EBITDA Proportionate reached $113.3 million, up 28%, mainly due to higher Adjusted EBITDA and a higher Innergex's share of Adjusted EBITDA of joint ventures and associates stemming from the addition of the facilities acquired in 2018.

For the three-month period ended June 30, 2018, the Corporation recorded net earnings of $16.8 million (basic and diluted net earnings of $0.09 per share) compared with net earnings of $13.9 million (basic and diluted net earnings of $0.12 per share) for the corresponding period in 2017. The $2.8 million increase in net earnings can be explained by the $13.3 million positive change in unrealized net gain (loss) on financial instruments, the $13.2 million increase in Adjusted EBITDA and the $1.2 million positive change in income taxes, partly offset by the $10.2 million increase in finance costs, the $9.8 million increase in depreciation and amortization, the $3.1 million negative change in the share of loss (earnings) of joint ventures and associates and the $1.8 million negative change in other net expenses (revenues).

Six-month period ended June 30, 2018
The Corporation's facilities produced 2,959,666 MWh of electricity or 98% of the LTA of 3,010,130 MWh. Overall, the hydroelectric facilities produced 99% of their LTA , the wind farms produced 97% of their LTA , the geothermal facilities produced 100% of their LTA and the Stardale solar farm produced 106% of its LTA.

The Corporation recorded revenues of $267.4 million, up 45%, and Adjusted EBITDA of $178.5 million, up 30%, mainly due to the contribution of the acquisitions of Alterra in 2018 and wind facilities in France in 2017 and higher production at the Mesgi'g Ugju's'n, Upper Lillooet River and Boulder Creek facilities. The increase is also due to revenue compensation received from a manufacturer for low-availability of equipment at a wind farm.  The Adjusted EBITDA Margin decreased from 74.4% to 66.7% for the six-month period due mainly to the same factors as for the three-month period. The Adjusted EBITDA Proportionate reached $196.0 million, up 38%, mainly due to the addition of the facilities acquired in 2018.

For the six-month period ended June 30, 2018, the Corporation recorded net earnings of $2.2 million (basic and diluted net earnings of $0.03 per share) compared with net earnings of $11.4 million (basic and diluted net earnings of $0.13 per share) for the corresponding period in 2017. The $9.2 million decrease in net earnings can be explained by the $26.3 million increase in finance costs, the $19.4 million increase in depreciation and amortization, the $4.4 million negative change in other net expenses (revenues), the $3.9 million negative change in unrealized net (gain) loss on financial instruments and the $0.7 million negative change in the share of loss (earnings) of joint ventures and associates, partly offset by the $41.6 million increase in Adjusted EBITDA and the $3.9 million positive change in income taxes.

Free Cash Flow and Payout Ratio
For the trailing twelve-month period ended June 30, 2018, the Corporation generated Free Cash Flow of $91.5 million,  compared with $75.9 million for the corresponding period last year. The increase in Free Cash Flow is due mainly to higher cash flows from operating activities before changes in non-cash operating working capital items, higher adjustments due to higher transaction costs related to realized acquisitions and partly offset by greater scheduled debt principal payments, higher Free Cash Flow attributed to non-controlling interests and higher maintenance capital expenditures net of proceeds from disposals.

For the trailing twelve-month ended June 30, 2018, the dividends on common shares declared by the Corporation amounted to 88% of Free Cash Flow, compared with 93% for the corresponding period last year. This positive change results mainly from the recent commissioning of the Mesgi'g Ugju's'n, Upper Lillooet River and Boulder Creek facilities which generated higher Free Cash Flow, partly offset by higher dividend payments as a result of the issuance of 24,327,225 shares on February 6, 2018, related to the Alterra acquisition, to the increase in the quarterly dividend and to additional shares following the exercise of stock options and issued under the Dividend Reinvestment Plan ("DRIP").

OPERATIONAL HIGHLIGHTS
On April 16, 2018, Innergex renewed its Electricity Purchase Agreements ("EPAs") with BC Hydro for the Brown Lake and Walden North facilities. The renewed agreements are for 40-year term and are effective as of April 1, 2018. The agreements are subject to approval by the British Columbia Utilities Commission.

Innergex completed on May 15, 2018 the acquisition of of Ledcor Power Group Ltd.'s 33.3% interest in Creek Power INc., a company that indirectly owns the 7.5 MW Fitzsimmons Creek, 25.3 MW Boulder Creek and the 81.4 MW Upper Lillooet River hydro facilities located in British Columbia as well as a portfolio of prospective projects. Innergex already owned the other 67.7% interest in the company. Innergex also owned all the preferred equity and received all of the cash flows.

The Corporation announced in May 2018 a joint venture partnership with Energía Llaima to acquired a 50% stake in the Chilean company, owner of a major interest in one 12 MW hydro facility and in a 34 MW solar facility, which should generate projected Adjusted EBITDA of approximately US$6.5 million ($8.3 million) annually, two hydro facilities in development (125 MW) and other early development stage projects. Innergex invested an initial amount of US$10 million ($12.8 million) through available funds under its corporate revolving credit facilities and has agreed to invest and additional US$100 million ($140.5 million) over a 12-month period, commitment to be almost reached with the acquisition of the Duqueco hydro project. The partnership was completed on July 3, 2018.

Innergex announced during the second quarter of 2018 the acquisition with Energia Llaima of the 140 MW Duqueco hydro project, which includes two facilities, located in Chile. The aggregate average annual power generation is expected to reach over 350,000 MWh. Innergex is expecting the Duqueco project to generate an Adjusted EBITDA of approximately US$21 million ($26.8 million) annually. The acquisition was completed on July 5, 2018.

On August 2, 2018, the Corporation announced that it has signed a final agreement to acquire TransCanada's 62% interest in five wind farms in the Gaspé peninsula in Quebec known as Baie-des-Sables, Carleton, Gros-Morne, L'Anse-à-Valleau and Montagne Sèche (the "Cartier Wind Farms"), as well as its 50% interest in the operating entities of the Cartier Wind Farms (the "Cartier Operating Entities"), for total consideration of approximately $630 million (the "Transaction"). Innergex currently owns the remaining interests in both the Cartier Wind Farms and Cartier Operating Entities. Innergex expects the 62% acquired interest in the Cartier Wind Farms to generate revenues of approximately $82.9 million and projected Adjusted EBITDA of approximately $68.4 million annually. Innergex has obtained commitments from two leading Canadian banks to backstop its existing credit facilities and to provide two short-term credit facilities to cover the purchase price and transaction costs in its entirety. The Corporation intends to reimburse the second credit faclity through the strategic divestment of a minority interest in the Cartier Wind Farms and of other assets which could further benefit the Corporation.

In the second quarter of 2018, some milestone were met by the 352.8 MW Foard City wind project that signed a 12-year power purchase agreement for 300 MW for which sales will start upon the facility reaching commercial operation. Full notice to proceed with construction is expected to be issued in the fourth quarter of 2018 to achieve commercial operation in the third quarter of 2019. The Foard City project has executed all of the material project contracts, including a turbine supply agreement for 140 GE 2.52 MW wind turbines, a 20-year operation and maintenance agreement, a balance of plant agreement and an interconnection agreement. In addition, site control and other major development milestones, such as environmental impact assessments and local property tax abatements, are complete. Project financing discussions are under way. The Corporation expects projected Adjusted EBITDA to be over $10 million annually for the project which will also benefit from Production Tax Credits.

In July 2018, Innergex completed the acquisition of the 315 MWDC Phoebe solar photovoltaïc project. Concurrent with the closing of the acquisition on July 2, 2018, financial close for the project's debt and tax equity financing were achieved and full notice to proceed with construction was issued to the contractor which is designing and constructing the plant, including the supply of First Solar Series 6 thin film modules and other equipment, and perform operation and maintenance of the plant for a period of five years. Commercial operation is expected be reached in the third quarter of 2019. The Phoebe project will sell 100% of its output to the ERCOT power grid and receive a fixed price on 89% of its energy produced under a 12-year PPA.

Construction activities continued at the 10 MW Brúarvirkjun hydro project in Iceland. Construction work continues on site with installation of the site offices and camp accommodations. All the major contracts have been signed and the major civil contractor has commenced work on site. The project has received its Environmental Impact Assessment ("EIA") and obtained all necessary water rights, land contracts, exploration permits, development licence and municipal approvals through a specific local land-use plan. The project continues to face an appeal before the Appellate Committee for Environment and Resources to claim a voiding of the construction permit. A formal response was filed against the issues and grounds raised. Commissioning is expected to occur in the first half of 2020.

DIVIDEND DECLARATION
The following dividends will be paid by the Corporation on October 15, 2018:

 







Date of
announcement

Record date

Payment date

Dividend per
common share

Dividend per
Series A
Preferred Share

Dividend per
Series C
Preferred Share

August 13, 2018

September 28, 2018

October 15, 2018

$0.1700

$0.2255

$0.359375

 

ADDITIONAL INFORMATION
Innergex's second quarter of 2018 unaudited condensed consolidated interim financial statements, the notes thereto and the Management's Discussion and Analysis can be obtained on SEDAR at www.sedar.com and in the "Investors" section of the Corporation's website at www.innergex.com.

CONFERENCE CALL AND WEBCAST
The Corporation will hold a conference call and webcast on Tuesday August 14, 2018, at 10 AM (EDT). Investors and financial analysts are invited to access the conference call by dialing 1 888 231-8191 or 647 427-7450 and to access the webcast at https://bit.ly/2tWuMzl or via Innergex's website at www.innergex.com. Journalists as well as the public may access this conference call via a listen mode only. A replay of the conference call will be available after the event on the Corporation's website.

About Innergex Renewable Energy Inc.
The Corporation is a pure-play renewable energy player which develops, acquires, owns and operates run-of-river hydroelectric facilities, wind farms, solar farms and geothermal power generation plants. As a global player in the sector, Innergex conducts operations in Canada, the United States, France, Chile and Iceland. Innergex manages a large portfolio of assets currently consisting of interests in 68 operating facilities with an aggregate net installed capacity of 1,725 MW (gross 3,072 MW), including 37 hydroelectric facilities, 25 wind farms, four solar farms and two geothermal facilities. Innergex also holds interests in five projects under development with a net installed capacity of 719 MW (gross 800 MW), two of which are currently under construction and prospective projects at different stages of development with an aggregate net capacity totaling 8,382 MW (gross 9,246 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. Its strategy 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.

Non-IFRS measures disclaimer
The unaudited condensed consolidated interim financial statements for the three- and six-month period ended June 30, 2018, have been prepared in accordance with International Financial Reporting Standards ("IFRS"). However, some measures referred to in this press release are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Innergex believes that these indicators are important, as they provide management and the reader with additional information about the Corporation's production and cash generation capabilities, its ability to sustain current dividends and dividend increases and its ability to fund its growth. These indicators also facilitate the comparison of results over different periods. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Proportionate, Free Cash Flow and Payout Ratio are not measures recognized by IFRS and have no standardized meaning prescribed by IFRS.

References in this document to "Adjusted EBITDA" are to revenues less operating expenses, general and administrative expenses and prospective project expenses. Innergex believes that the presentation of this measure enhances the understanding of the Corporation's operating performance. Readers are cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings, as determined in accordance with IFRS.

References in this document to "Adjusted EBITDA Margin" are to Adjusted EBITDA divided by revenues. Innergex believes that the presentation of this measure enhances the understanding of the Corporation's operating performance.

References in this document to "Innergex's share of Adjusted EBITDA of the joint ventures and associates" are to Innergex's ownership interest in the equity or in the sponsors' equity when applicable of the Adjusted EBITDA of the joint ventures and associates.

References in this document to "Adjusted EBITDA Proportionate" are to Adjusted EBITDA plus Innergex's share of Adjusted EBITDA of the joint ventures and associates. Innergex believes that the presentation of this measure enhances the understanding of the Corporation's operating performance. Readers are cautioned that Adjusted EBITDA Proportionate should not be construed as an alternative to net earnings, as determined in accordance with IFRS.

References to "Free Cash Flow" are to cash flows from operating activities before changes in non-cash operating working capital items, less maintenance capital expenditures net of proceeds from disposals, scheduled debt principal payments, preferred share dividends declared and the portion of Free Cash Flow attributed to non-controlling interests, plus or minus other elements that are not representative of the Corporation's long-term cash generating capacity, such as transaction costs related to realized acquisitions (which are financed at the time of the acquisition), realized losses or gains on derivative financial instruments used to hedge the interest rate on project-level debt or the exchange rate on equipment purchases. Innergex believes that presentation of this measure enhances the understanding of the Corporation's cash generation capabilities, its ability to sustain current dividends and dividend increases and its ability to fund its growth. Readers are cautioned that Free Cash Flow should not be construed as an alternative to cash flows from operating activities, as determined in accordance with IFRS.

References to "Payout Ratio" are to dividends declared on common shares divided by Free Cash Flow. Innergex believes that this is a measure of its ability to sustain current dividends and dividend increases as well as its ability to fund its growth.

Forward-Looking Information
To inform readers of the Corporation's future prospects, this press release contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"). Forward-Looking Information can generally be identified by the use of words such as "approximately", "may", "will", "could", "believes", "expects", "intends", "should", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or "forecasts", or other comparable terminology that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release.

Forward-Looking Information includes future-oriented financial information or financial outlook within the meaning of securities laws, such as expected production and projected Adjusted EBITDA, to inform readers of the potential financial impact of expected results, of the expected commissioning of Development Projects, of the potential financial impact of the acquisitions, of the Corporation's ability to sustain current dividends and of its ability to fund its growth. Such information may not be appropriate for other purposes.

Forward-looking statements are based on certain key expectations and assumptions made by Innergex, including expectations and assumptions concerning availability of capital resources; economic and financial conditions; project performance and the timing of receipt of the requisite shareholder, court, regulatory and other third-party approvals. Although Innergex believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Innergex can give no assurance that they will prove to be correct.

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 Innergex's projects on time and within budget; capital resources; derivative financial instruments; current economic and financial conditions; hydrology and wind regimes; geothermal resources and 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.

There are also risks inherent to the acquisition of TransCanada's stake in the five Cartier wind farms, including incorrect assessments of the value of the entity; failure to satisfy the closing conditions; exercise of termination rights by Innergex or TransCanada; failure to obtain the requisite regulatory approvals and other third-party consents, including approval by the Competition Bureau. Accordingly, there can be no assurance that the transaction will occur, or that it will occur on the terms and conditions, or at the time, as contemplated in this MD&A. The transaction could be modified, restructured or terminated. There can also be no assurance that the strategic, operational or financial benefits expected to result from the Transaction will be realized. In addition, the potential divestiture of selected assets (in whole our in part) and the participation of minority partner(s) in the Cartier Wind Farms are also subject to inherent risks and uncertainties including the outcomes of Innergex's exploration to find interested purchaser(s) and partner(s), the ability to correctly assess the value of the assets, the consummation and timing of any such transaction(s) and the terms of such transaction(s), if any, and if consummated, the ability of Innergex to realize the expected benefits of such transaction(s). 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.

Forward-Looking Information in this press release is based on certain key expectations and assumptions made by the Corporation. The following table outlines Forward-Looking Information contained in this press release, the principal assumptions used to derive this information and the principal risks and uncertainties that could cause actual results to differ materially from this information.

 

Principal Assumptions

Principal Risks and Uncertainties

Expected production

For each facility, the Corporation determines a long-term average annual level of electricity production ("LTA") over the expected life of the facility, based on engineers' studies that take into consideration a number of important factors: for hydroelectricity, the historically observed flows of the river, the operating head, the technology employed and the reserved aesthetic and ecological flows; for wind energy, the historical wind and meteorological conditions and turbine technology; for solar energy, the historical solar irradiation conditions, panel technology and expected solar panel degradation; and for geothermal power, the historical geothermal resources, natural depletion of geothermal resources over time, the technology used and the potential of energy loss to occur before delivery. Other factors taken into account include, without limitation, site topography, installed capacity, energy losses, operational features and maintenance. Although production will fluctuate from year to year, over an extended period it should approach the estimated long-term average. On a consolidated basis, the Corporation estimates the LTA by adding together the expected LTA of all the facilities in operation that it consolidates (excludes Dokie, East Toba, Flat Top, Jimmie Creek, Kokomo, Montrose Creek, Shannon, Spartan, Umbata Falls and Viger-Denonville, which are accounted for using the equity method).

Improper assessment of water, wind, sun and geothermal resources and associated electricity production

Variability in hydrology, wind regimes, solar irradiation and geothermal resources

Natural depletion of geothermal resources

Equipment failure or unexpected operations and maintenance activity

Natural disaster

Estimated project costs, expected obtainment of permits, start of construction, work  conducted and start of commercial operation for Development Projects or Prospective Projects

For each development project, the Corporation provides an estimate of project costs based on its extensive experience as a developer, directly related incremental internal costs, site acquisition costs and financing costs, which are eventually adjusted for the projected costs provided by the engineering, procurement and construction ("EPC") contractor retained for the project.

The Corporation provides indications regarding scheduling and construction progress for its Development Projects and indications regarding its Prospective Projects, based on its extensive experience as a developer.

Performance of counterparties, such as the EPC contractors

Delays and cost overruns in the design and construction of projects

Obtainment of permits

Equipment supply

Interest rate fluctuations and financing risk

Relationships with stakeholders

Regulatory and political risks

Higher-than-expected inflation

Natural disaster

 

Projected revenues

For each facility, expected annual revenues are estimated by multiplying the LTA by a price for electricity stipulated in the PPA secured with a public utility or other creditworthy counterparty mainly. These PPAs stipulate a base price and, in some cases, a price adjustment depending on the month, day and hour of delivery, except for the Miller Creek hydroelectric facility, which receives a price based on a formula using the Platts Mid-C pricing indices, the Horseshoe Bend hydroelectric facility, for which 85% of the price is fixed and 15% is adjusted annually as determined by the Idaho Public Utility Commission. Revenues at the HS Orka facilities also fluctuates with the price of aluminum, as certain of those PPAs are linked to such price. In most cases, power purchase agreements also contain an annual inflation adjustment based on a portion of the Consumer Price Index. On a consolidated basis, the Corporation estimates annual revenues by adding together the projected revenues of all the facilities in operation that it consolidates (excludes Dokie, East Toba, Flat Top, Jimmie Creek, Kokomo, Montrose Creek, Shannon, Spartan, Umbata Falls, Viger-Denonville and Blue Lagoon spa, which are accounted for using the equity method).

Production levels below the LTA caused mainly by the risks and uncertainties mentioned above

Unexpected seasonal variability in the production and delivery of electricity

Lower-than-expected inflation rate

Changes in the purchase price of electricity upon renewal of a PPA

 

Projected Adjusted EBITDA

For each facility, the Corporation estimates annual operating earnings by subtracting from the estimated revenues the budgeted annual operating costs, which consist primarily of operators' salaries, insurance premiums, operations and maintenance expenditures, property taxes, royalties and cost of power (if applicable); these are predictable and relatively fixed, varying mainly with inflation (except for maintenance expenditures and cost of power). On a consolidated basis, the Company estimates annual Adjusted EBITDA by adding together the projected operating earnings of all the facilities in operation that it consolidates (excludes Dokie, East Toba, Flat Top, Jimmie Creek, Kokomo, Montrose Creek, Shannon, Spartan, Umbata Falls, Viger-Denonville and Blue Lagoon, which are accounted for using the equity method), from which it subtracts budgeted general and administrative expenses, comprised essentially of salaries and office expenses, and budgeted prospective project expenses, which are determined based on the number of prospective projects the Corporation chooses to develop and the resources required to do so.

Lower revenues caused mainly by the risks and uncertainties mentioned above

Variability of facility performance and related penalties

Unexpected maintenance expenditures

 

 

Expected closing of the acquisition and of the Financing to be made by TD Securities Inc. and BMO Capital Markets

The Corporation reasonably expects that the closing conditions will be completed within the deadlines.

Availability of the capital

Regulatory and political risks

Performance of the counterparties

 

Although the Corporation believes that the expectations and assumptions on which Forward-Looking Information is based are reasonable, readers of this press release are cautioned not to rely unduly on this Forward-Looking Information since no assurance can be given that they will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Innergex undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

SOURCE Innergex Renewable Energy Inc.

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