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Innergex enters into an Electricity Purchase Agreement for its Fitzsimmons Creek Hydroelectric Project

^{Published on 2009-06-25 07:46:10, Last Modified on 2009-06-25 07:46:59 - Market Wire}
 

 LONGUEUIL, QC, June 25 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce the signature of a 40-year Electricity Purchase Agreement ("EPA") with British Columbia Hydro and Power Authority ("BC Hydro") under the Standing Offer Program ("SOP") in respect of the Fitzsimmons Creek Hydroelectric Project. The EPA is subject to the usual approval by the British Columbia Utilities Commission. As stated by Mr. Michel Letellier, President and Chief Executive Officer of the Corporation, "The Fitzsimmons Creek Project is one of the first hydro projects to execute an EPA with BC Hydro under this new program. The SOP offers a standard contract with set prices and a streamlined administrative process. This gives a smaller scale project, such as Fitzsimmons Creek, the opportunity to contribute 33,000 MW-hr per year to B.C.'s supply of clean electricity. According to Whistler Blackcomb, this is the equivalent of powering the ski resort's winter and summer operations including 38 lifts, 17 restaurants, 269 snowguns and countless other buildings and services." The Fitzsimmons Creek Project is a run-of-river hydroelectric power generating facility currently under construction with an expected nameplate capacity of 7.5 MW and an estimated yearly energy output of 33,000 MW-hr. It is located on Fitzsimmons Creek, between the Whistler and Blackcomb mountains in the Resort Municipality of Whistler, British Columbia. Construction of the Fitzsimmons Creek Project began in July 2008 with a construction budget of $33.2 million. Construction is progressing on time and on budget, and the Project is expected to be in commercial operation before the end of 2010. The Corporation also expects that the Fitzsimmons Creek Project will be eligible for the ecoENERGY Initiative. Innergex holds 66 2/3% of the Fitzsimmons Creek Project and Ledcor Power Group Ltd. holds the remaining 33 1/3%. Innergex Renewable Energy Inc. is a leading developer, owner and operator of run-of-river hydroelectric facilities and wind energy projects in North America. The Corporation's management team has been involved in the renewable power industry since 1990. The Corporation owns a portfolio of projects which consists of: i) interests in three operating facilities with an aggregate net installed capacity of 60.9 MW (gross 140.5 MW); ii) interests in two projects under construction and five projects under development with an aggregate net installed capacity of 197.5 MW (gross 392.3 MW) for which power purchase agreements with public utilities have been secured or which are eligible under the British Columbia Hydro and Power Authority Standing Offer Program; and iii) prospective projects of more than 1,600 MW (gross capacity of more than 1,800 MW). Innergex Renewable Energy Inc. also owns 16.1% of the Innergex Power Income Fund, a publicly traded income fund listed on the Toronto Stock Exchange under the symbol "IEF.UN", and acts as its manager under long-term management agreements. Innergex Power Income Fund owns interests in 12 projects in operation, with a total net installed capacity of 210 MW (gross 340 MW). 

For further information: Ms. Edith Ducharme, LL.L., Director, Financial Communications and Investor Relations, Innergex Renewable Energy Inc., (450) 928-2550, ext. 222, [ educharme@innergex.com ]; Mr. Jean Trudel, MBA, Vice President, Financial Communications and Investor Relations, Innergex Renewable Energy Inc., (450) 928-2550, ext. 252, [ jtrudel@innergex.com ]; [ www.innergex.com ]