News Release

LONGUEUIL, Quebec, December 16, 2020 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) reports that the rating agency S&P Global Ratings, a division of S&P Global Inc. (“S&P”) changed the credit rating of Innergex to BB+(Stable) from BBB-(Negative) and the ratings of Innergex’s preferred shares to B+ and P-4(High), from BB and P-3.

The Corporation also reports that Fitch Ratings recently assigned a BBB- with a stable outlook rating to Innergex and each of Innergex’s Series A Preferred Shares and Series C Preferred Shares was assigned a BB rating.

“In light of the initial “Investor grade” rating issued recently by Fitch Rating, where Innergex is attributed a BBB- stable outlook, and despite today’s review by S&P, Innergex’s balance sheet is perceived as strong by major rating agencies,” said Michel Letellier, President and Chief Executive Officer of Innergex. “We remain confident in our long-term cash profile and do not expect the revised S&P ratings to have a material influence on the market price, value and liquidity of our securities.”

About Innergex Renewable Energy Inc.

For 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 75 operating facilities with an aggregate net installed capacity of 2,742 MW (gross 3,694 MW) and an energy storage capacity of 150 MWh, including 37 hydroelectric facilities, 32 wind farms and six solar farms. Innergex also holds interests in 10 projects under development, four of which are under construction, with a net installed capacity of 555 MW (gross 629 MW) and an energy storage capacity of 329 MWh, as well as prospective projects at different stages of development with an aggregate gross capacity totaling 6,871 MW. Its approach to building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.

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 financial condition, ongoing access to capital to fund prospective projects and projects under development and construction, sources and impact of funding, terms and conditions of current and future financings, and execution of non-recourse project-level financing (including the timing and amount thereof), 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 is based on certain key assumptions made by Innergex, including, without restrictions, assumptions concerning economic, financial and financial market conditions, expectations and assumptions concerning availability of capital resources and the decision of certain credit agencies to maintain or change Innergex’s ratings. Although Innergex believes that the expectations and assumptions on which such forward-looking information is based are reasonable, under the current circumstances, readers are cautioned not to rely unduly on this forward-looking information as no assurance can be given that they will prove to be correct. The forward-looking information contained in this press release is made as of the date hereof and Innergex does not undertake any obligation to update or revise any forward-looking information, whether as a result of events or circumstances occurring after the date hereof, unless so required by law.

For more information on the risks and uncertainties, including with respect to Innergex’s credit ratings and any changes thereof, 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” and “Risks and Uncertainties” sections of the latest Annual Report.

For information

Innergex Renewable Energy Inc.
Jean-François Neault
Chief Financial Officer
450 928-2550, ext. 1207
investorrelations@innergex.com

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