Addition of the 13 MW La Cense wind project under development, with Innergex France set to manage development, construction, financing, and long-term operations, targeting commissioning in 2026.
20-year power purchase agreement with EDF to guarantee long-term, stable revenues.
Operational synergies with Innergex’s nearby Bois des Cholletz operating wind farm and other potential future developments in the area.

LONGUEUIL, Quebec, January 28, 2025 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) is pleased to announce the addition of the 13 MW La Cense wind project to its development portfolio, through Innergex France, its joint subsidiary with Crédit Agricole Assurances and Crédit Agricole Centre-Est. Located in the Oise department in France, this initiative marks Innergex France’s first development acquisition since the minority sale of its shares to Crédit Agricole Assurances and Crédit Agricole Centre-Est. The project is under development, and the Innergex team is advancing it towards construction in the near future, with a goal of achieving commercial operations in 2026.

“This development acquisition is a significant step forward in our strategic partnership and reinforces our commitment to advancing renewable energy in France,” said Michel Letellier, President and Chief Executive Officer of Innergex. “This investment meets our performance objectives, and the La Cense wind project complements well our existing portfolio in France. Its proximity to our Bois des Cholletz wind farm and other potential future developments in the area creates synergies that boost operational efficiency and integrate seamlessly into our growing portfolio.”

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 90 operating facilities with an aggregate net installed capacity of 3,707 MW (gross 4,662 MW), including 42 hydroelectric facilities, 36 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 674 MW (gross 1,017 MW), 1 of which is 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 of the projects under construction and the advanced-stage prospective projects, 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, business integration, 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 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, 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 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 September 30, 2024.

– 30 –

For information

Innergex Renewable Energy Inc

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 Adds a New Wind Project Under Development in France