INVESTOR KIT Q1 2023
*All financial data are in Canadian dollars and as at March 31, 2023
For more than 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer that develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that renewable energy will lead the way to a better world.
Innergex operates in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets with an aggregate gross installed capacity of 4,243 MW and an energy storage capacity of 159 MWh. It also holds interests in 13 projects under development and several prospective projects. Its approach to building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjustedreturn on invested capital and to distribute a stable dividend.
A Sustainable Business Model
PEOPLE
We are passionate people building strong partnerships with local communities.
PLANET
We believe that renewable energy is part of the solution to climate change.
PROSPERITY
We generate value for our employees, shareholders, partners and host communities.
Key Figures | Annual | ||||||||
87 | $8.8B | $14.68 | Dividend ($) | ||||||
0.72 | 0.72 | 0.72 | 0.72 | ||||||
operating facilities | total assets value | closing share price | 0.70 | ||||||
4,243 MW | $3.1B | 463,015 | |||||||
gross installed capacity | market capitalization | average daily volume | |||||||
(including preferred shares) | traded during Q1 2023 | ||||||||
2,313 GWh | $9.4B | 4.9% | 2019 2020 | 2021 | 2022 | 2023 | |||
generated during Q1 2023 | enterprise value | yield | |||||||
Stock Performance | |||||||||
AVERAGE TOTAL RETURN | 5-YEAR | 3-YEAR | |||||||
INE.CN (TSX) | 36.9% | -12.9% | |||||||
S&P/TSX Composite Index | 52.7% | 68.9% |
Source Bloomberg: including reinvestment of dividends. As at March 31, 2023 | Published on June 1st, 2023 |
Innergex Facilities
BROWN LAKE | DOKIE 1 | |||||
7 MW | ||||||
FITZSIMMONS CREEK | 144 MW | |||||
BOULDER CREEK | 8 MW | MILLER CREEK | ||||
25 MW | ||||||
33 MW | ||||||
UPPER LILLOOET RIVER | ||||||
81 MW | WALDEN NORTH | |||||
EAST TOBA | 16 MW | |||||
147 MW | RUTHERFORD CREEK | CANADA | ||||
23 MW | ||||||
MONTROSE CREEK | 50 MW | |||||
88 MW | FIRE CREEK | |||||
JIMMIE CREEK | KWOIEK CREEK | |||||
62 MW | ||||||
ASHLU CREEK | 50 MW | |||||
DOUGLAS CREEK | ||||||
50 MW | ||||||
27 MW | ||||||
TIPELLA CREEK | ||||||
STOKKE CREEK | ||||||
18 MW | 22 MW | |||||
NORTHWEST STAVE RIVER | BIG SILVER CREEK | |||||
18 MW | 41 MW | |||||
UPPER STAVE RIVER | TRETHEWAY CREEK | |||||
33 MW | 21 MW | |||||
LAMONT CREEK | ||||||
HAWAII | 27 MW | |||||
HORSESHOE BEND | ||||||
PAEAHU | 9 MW | DESERT MEADOW | ||||
15 MW | 23 MW | |||||
MAINLINE | ||||||
HALE KUAWEHI | 23 MW | |||||
30 MW | RYEGRASS | |||||
23 MW | ||||||
TWO PONDS | ||||||
23 MW | HAMMETT HILL | |||||
COLD SPRINGS | ||||||
23 MW | ||||||
23 MW | BOSWELL SPRINGS | |||||
330 MW | ||||||
34 MW | UNITED STATES | |||||
PAMPA ELVIRA | ||||||
SALVADOR | ||||||
68 MW + | ||||||
BATTERY STORAGE | SAN ANDRÉS | |||||
250 MWh | ||||||
SARCO | 51 MW + | |||||
BATTERY STORAGE | ||||||
170 MW | 175 MWh | |||||
GUAYACÁN | ||||||
12 MW | ||||||
CUEL | MAMPIL | FOARD CITY | ||||
33 MW | 55 MW | 350 MW | ||||
RUCACURA | PEUCHEN | |||||
3 MW | 85 MW | GRIFFIN TRAIL | ||||
LICÁN | FRONTERA | |||||
18 MW | PHOEBE | 226 MW | ||||
109 MW | ||||||
AURORA | 250 MW | |||||
129 MW |
CHILE
INNAVIK 8 MW
GROS•MORNE | ||||||
BAIE•DES•SABLES 212 MW | ||||||
110 MW | MAGPIE | |||||
SM•1 | ||||||
41 MW | ||||||
31 MW | ||||||
PORTNEUF•3 8 MW | MONTAGNE SÈCHE | |||||
58 MW | ||||||
PORTNEUF•2 10 MW | ||||||
L'ANSE•À•VALLEAU 101 MW | ||||||
PORTNEUF•1 8 MW | ||||||
CARLETON 110 MW | ||||||
UMBATA FALLS | ||||||
MESGI'G UGJU'S'N 150 MW | ||||||
23 MW | MONTMAGNY | MESGI'G UGJU'S'N 2 102 MW | ||||
SAULT STE. MARIE 2 | 2 MW | VIGER•DENONVILLE 25 MW | ||||
SAULT STE. MARIE 1 | ||||||
30 MW | GILLES•LEFRANÇOIS 24 MW | |||||
20 MW | SAINT•PAULIN | |||||
SAULT STE. MARIE 3 | 8 MW | WINDSOR | ||||
10 MW | BATAWA | 6 MW | ||||
STARDALE | ||||||
5 MW | ||||||
27 MW | ||||||
CURTIS MILLS | ||||||
SPARTAN | GLEN MILLER | 12 MW | ||||
11 MW | 8 MW | PALMER FALLS | ||||
48 MW |
KOKOMO | PALOMINO |
200 MW | |
6 MW | |
HILLCREST 200 MW
BEAUMONT | |||||
25 MW | |||||
BOIS DES CHOLLETZ | |||||
12 MW | |||||
LONGUEVAL | |||||
10 MW | PORCIEN | ||||
10 MW | |||||
VALLOTTES | |||||
12 MW | |||||
PLAN FLEURY | |||||
22 MW | LES RENARDIÈRES | ||||
BOIS D'ANCHAT | AUXY BOIS REGNIER | 21 MW | |||
MONTJEAN 2 | |||||
10 MW | 29 MW | ||||
14 MW | YONNE | ||||
YONNE II | |||||
44 MW | |||||
7 MW | ROUGEMONT1 | ||||
ANTOIGNÉ | |||||
TONNERRE | |||||
36 MW | |||||
8 MW | 9 MWh | ||||
LAZENAY | ROUGEMONT2 | ||||
9 MW | VAITE | 45 MW | |||
MONTJEAN | 39 MW | ||||
12 MW | FRANCE | ||||
12 MW | |||||
THEILRABIER |
In operation
87 facilities | 3,692 / 4,243 MW (net1 /gross capacity) |
40 hydro facilities | (919 / 1,259 MW) |
35 wind farms | (2,083 / 2,278 MW) |
10 solar farms | (671 / 672 MW) |
1 solar and energy | (19 / 34 MW, 150 MWh) |
storage facility | |
1 energy storage | (9 MWh) |
facility |
1 Net capacity represents the proportional share of the total capacity attributable to Innergex based on its ownership interest in each facility.
Under development
13 facilities | 760 / 849 MW (net/gross) | ||||
3 hydro projects | (89 / 120 MW) | ||||
5 wind projects | (426 / 484 MW) | ||||
1 solar project | (200 / 200 MW) | ||||
2 solar and energy | (45 / 45 MW, 180 MWh) | ||||
storage projects | |||||
2 energy storage | (425 MWh) | ||||
projects |
More than 8,883 gross MW in prospective projects
Financial Performance
REVENUES2 AND REVENUES PROPORTIONATE1
ADJUSTED EBITDA1,2 AND ADJUSTED EBITDA PROPORTIONATE1 ($M)
913 | 996 | 674 | 650 696 | |||||||||||||
698 | 782 | 517 | 493 560 | 580 | ||||||||||||
446 | ||||||||||||||||
684 | 801 | 935 | 224 | 145 148 | ||||||||||||
549 | ||||||||||||||||
218 | ||||||||||||||||
2019 | 2020 | 2021 | 2022 | Q1 2023 | 2019 | 2020 | 2021 | 2022 | Q1 2023 | |||||||
Revenues and PTCs | JV Revenues | Adjusted EBITDA | Adjusted EBITDA Proportionate | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES ($M)
FREE CASH-FLOW1 & PAYOUT RATIO1
Access to Capital
- Innergex partners with tax equity investors for facilities eligible for renewable energy tax incentives in the U.S.
-
Revolving credit facilities supported by
19 unencumbered assets
Balance Sheet
-
Power purchase agreements duration of 13.0 years
on average, one of the longest in the renewable energy sector - Young assets with a weighted average age of approximately 10.1 years
- 92% of total debt bears fixed interest rates or is fixed under long-termhedging agreement
- More than 80% of our debt is project level
- These measures are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Please refer to the ''Non-IFRS Measures'' section of the 2022 Annual Report for more information.
- As of January 1, 2023, Production Tax Credits («PTCs»), previously recognized in other net income (expenses), have been reclassified directly below Revenues. Proportionate measures include only Innergex's share of Revenues and Production Tax Credits, and Adjusted EBITDA, of the joint ventures and associates. The realized portion of the change in fair value of power hedges are included in Adjusted EBITDA.
- Cash flows from operating activities for the trailing twelve months ended March 31, 2022, June 30, 2022, September 30, 2022, and December 31, 2022 include the one-time BC Hydro Curtailment Payment received during the first quarter of 2022.
- On January 1, 2023, the Corporation revised the calculation of its Free Cash Flow and Payout Ratio measures to exclude the prospective project expenses. The comparative figures have been adjusted to conform with the revised measures.
- Based on useful life assumptions of 75 years for Hydro, 35 years for Solar and 30 years for Wind
Trading Information
Analyst Coverage
Symbol (Common share) | INE.CN (TSX) |
Index inclusion | S&P/TSX |
Outstanding shares | 204.2M |
Transfer agent | Computershare |
(Canada) | |
Preferred shares | 5.4M |
INE.PR.A | INE.PR.C | |
Convertible Debentures | 148,023 |
INE.DB.B | |
Convertible Debentures | 142,056 |
INE.DB.C | |
BMO Capital Markets
CIBC Capital Markets
Cormark Securities
Credit Suisse
Desjardins Securities
IA Securities
National Bank Financial
Peters & Co Limited
Raymond James
RBC Capital Market
Scotiabank GBM
TD Securities
Ben Pham
Mark Jarvi
Nicholas Boychuk
Andrew M. Kuske
Brent Stadler
Naji Baydoun
Rupert M. Merer
Ken Chmela
David Quezada
Nelson Ng
Justin Strong
Sean Steuart
Next Dividend Payment
(Common shares)
PERIOD | RECORD DATE | PAYMENT DATE | AMOUNT |
Q2 2023 | 06/30/2023 | 07/17/2023 | $0.180 |
Contact
TRANSFER AGENT - COMPUTERSHARE (CANADA)
T 1-800-564-6253 OR 1 514-982-7555 | TORONTO | MONTREAL |
F 1-888-453-0330 | 100 University Ave., 8th Floor, | 1500 Robert-Bourassa Blvd, |
service@computershare.com | North Tower | suite 700 |
Toronto ON M5J 2Y1 | Montreal QC H3A 3S8 |
INNERGEX HEAD OFFICE
1225 Saint-Charles Street West, 10th floor Longueuil QC J4K 0B9
Tel. : 450 928-2550
REGIONAL OFFICES
Lyon, France | San Diego, U.S.
Vancouver, Canada | Santiago, Chile
investorrelations@innergex.com | innergex.com |
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Disclaimer
Innergex Renewable Energy Inc. published this content on 01 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2023 22:14:09 UTC.