Commissioning of the 35 MW/175 MWh (5 hours) San Andrés battery energy storage facility completed below budget
Expected to generate annual revenues in a range of US$6 million (CAN$8.2 million) to US$8 million (CAN$10.9 million) on a run-rate basis
The San Andrés battery energy storage facility will displace generation from San Andrés solar facility from daytime to night hours to avoid daytime congestion, support the grid during peak demand, and optimize project returns

LONGUEUIL, Quebec, May 21, 2024 – Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce that its 35 MW/175 MWh (5 hours) San Andrés battery energy storage facility has begun operations and is injecting energy to the grid. Located on the site of Innergex’s existing San Andrés solar facility in Northern Chile it is Innergex’s second largest energy storage facility currently in operation, following the commissioning of the Salvador battery facility 50 MW/250 MWh (5 hours) on October 30, 2023.

"We are very proud of our growing energy storage portfolio in Chile because it will contribute significantly to meeting the growing demand for 24/7 renewable energy production,” said Michel Letellier, President and Chief Executive Officer of Innergex. "These projects allow Innergex to optimize its portfolio generation and revenues based on market dynamics and demand in Chile. Overall, our ability to capitalize on variable energy prices and receive capacity payments allow us to deliver a clean energy solution with both a favourable risk profile and strong financial returns.”

Located in the Atacama Desert, the San Andrés battery energy storage facility capitalizes on the region's exceptional solar irradiance potential. During the day, surplus solar energy is stored and then dispatched during the evening and early mornings to capture peak market prices, allowing the facility to avoid daytime congestion, support the grid during peak demand, and optimize project returns. Battery storage is a key driver for future growth, and Innergex is actively exploring further opportunities across its core markets to develop integrated renewable energy and battery storage projects, seizing the immense potential of this innovative technology.

The San Andrés battery facility is expected to generate annual revenues in a range of US$6 million (CAN$8.2 million) to US$8 million (CAN$10.9 million) on a run-rate basis, while operating, general and administrative expenses are expected to reach US$0.4 million (CAN$0.5 million) in the first full year of operation.

About Innergex Renewable Energy Inc.

For over 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 which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 88 operating facilities with an aggregate net installed capacity of 3,690 MW (gross 4,328 MW), including 41 hydroelectric facilities, 35 wind facilities, 9 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 13 projects under development with a net installed capacity of 930 MW (gross 1,281 MW), 3 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 9,912 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital.

To learn more, visit innergex.com or connect with us on LinkedIn.

Cautionary Statement Regarding 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”), including the Corporation’s growth targets, power production, prospective projects, successful development, construction and financing (including tax equity funding) of the projects under construction and the advanced-stage prospective projects, sources and impact of funding, project acquisitions, execution of non-recourse project-level financing (including the timing and amount thereof), and strategic, operational and financial benefits and accretion expected to result from such acquisitions, business strategy, future development and growth prospects (including expected growth opportunities under the Strategic Alliance with Hydro-Québec), business integration, governance, business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as “approximately”, “may”, “will”, “could”, “believes”, “expects”, “intends”, “should”, “would”, “plans”, “potential”, “project”, “anticipates”, “estimates”, “scheduled” or “forecasts”, or other comparable terms 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, including information regarding the Corporation's targeted production, the estimated targeted revenues and production tax credits, targeted Revenues and Production Tax Credits Proportionate, targeted Adjusted EBITDA and targeted Adjusted EBITDA Proportionate, targeted Free Cash Flow, targeted Free Cash Flow per Share and intention to pay dividend quarterly, the estimated project size, costs and schedule, including obtainment of permits, start of construction, work conducted and start of commercial operation for Development Projects and Prospective Projects, the Corporation's intent to submit projects under Requests for Proposals, the qualification of U.S. projects for PTCs and ITCs and other statements that are not historical facts. Such information is intended to inform readers of the potential financial impact of expected results, of the expected commissioning of Development Projects, of the potential financial impact of completed and future acquisitions and of the Corporation's ability to pay a dividend and to fund its growth. Such information may not be appropriate for other purposes.

Forward-Looking Information is based on certain key assumptions made by the Corporation, including, without restriction, those concerning hydrology, wind regimes and solar irradiation; performance of operating facilities, acquisitions and commissioned projects; availability of capital resources and timely performance by third parties of contractual obligations; favourable economic and financial market conditions; average merchant spot prices consistent with external price curves and internal forecasts; no material changes in the assumed U.S. dollar to Canadian dollar and Euro to Canadian dollar exchange rate; no significant variability in interest rates; the Corporation’s success in developing and constructing new facilities; no adverse political and regulatory intervention; successful renewal of PPAs; sufficient human resources to deliver service and execute the capital plan; no significant event occurring outside the ordinary course of business such as a natural disaster, pandemic or other calamity; continued maintenance of information technology infrastructure and no material breach of cybersecurity.

For more information on the risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the forward-looking information or on the principal assumptions used to derive this information, please refer to the "Forward-Looking Information" section of the Management's Discussion and Analysis for the three months ended March 31, 2024.

For information

Media

Karine Vachon
Senior Director – Communications and ESG
450 928-2550, ext. 1222
kvachon@innergex.com

Investor Relations

Naji Baydoun
Director – Investor Relations
+1 438 871-7067
nbaydoun@innergex.com

Innergex announces the commissioning of its second largest energy storage facility in Chile