Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) is pleased to announce the signature of a partnership with Irradiant Partners, LP (along with its affiliates “Irradiant”), an investment manager headquartered in Los Angeles (U.S.), for a transaction wherein the Corporation will sell minority interests in its 826 MW renewable energy portfolio in Texas.

Innergex will sell to Irradiant 49.9% of the Phoebe and Griffin Trail facilities and 22.2% of the Foard City facility for a total equity consideration of US$188 million (CAN$257 million), including customary working capital adjustments. Net proceeds from the transaction will be primarily applied towards repaying the existing Foard City and Phoebe project debt and the power hedge offtake contract in place at Phoebe, with the remainder expected to be used for general corporate purposes.

Conference call

Innergex will host a conference call and a webcast on June 20, 2024 at 1 PM (EDT). Investors and financial analysts are invited to access the conference call by dialing 1-888-390-0605 or 416-764-8609 or via https://bit.ly/4c3U4yZ or Innergex's website. Journalists, as well as the public, can 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.

Sale of Minority Interests in its Renewable Energy Portfolio in Texas

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