$133.7 million non-recourse project financing set to mature in 2039 for the Ashlu Creek hydro facility in British Columbia
$65.3 million non-recourse back leverage financing set to mature in 2036 for the Mesgi'g Ugju's'n wind facility in Quebec
$68.8 million of the proceeds will be used to repay the existing debt on the Ashlu Creek facility, while the remaining $122.7 million will be used to reduce the corporate revolving credit facility, effectively reducing corporate leverage

LONGUEUIL, Québec, December 17, 2024 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) has closed two non-recourse financing agreements totalling $199.0 million to optimize the financial structure of its renewable energy assets and support future development activities. The first is a $133.7 million non-recourse project financing with The Canada Life Assurance Company ("Canada Life’’) for the 50 MW Ashlu Creek hydro facility. The second is a $65.3 million non-recourse back leverage financing with National Bank of Canada and SLC Management for the 150 MW Mesgi'g Ugju's'n wind farm.

The Ashlu Creek hydro facility has been in operations since 2009, while the Mesgi'g Ugju's'n wind farm has been in operations since 2016, and the projects operate under long-term power purchase agreements (PPA) with BC Hydro and Hydro-Québec, respectively.

“The closing of these financings demonstrates our proactive approach to financial optimization,” said Michel Letellier, President and Chief Executive Officer of Innergex. “By leveraging our existing assets, we are able to strengthen our balance sheet, enhance liquidity, and maintain the flexibility needed to accelerate our development activities and pursue future growth opportunities. These strategic initiatives align with our disciplined, self-funded growth strategy, allowing us to continue creating long-term value for our stakeholders.”

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 89 operating facilities with an aggregate net installed capacity of 3,377 MW (gross 4,332 MW), including 42 hydroelectric facilities, 35 wind facilities, 9 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 14 projects under development with a net installed capacity of 991 MW (gross 1,334 MW), 2 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 9,807 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, 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 business strategy, future development and growth prospects, 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, 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 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 irradiance; 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 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 September 30, 2024.

– 30 –

For information

Naji Baydoun
Director - Investor Relations
450 928-2550, ext. 1263
investorrelations@innergex.com

Jade Lachapelle
Advisor – Communications
450 928-2550, ext. 1302
jlachapelle@innergex.com

Innergex Closes $199.0 Million Non-Recourse Financings for the Ashlu Creek Hydro Facility and the Mesgi'g Ugju's'n Wind Farm