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    Innergex Q2 2022: Acquisitions Continuing To Deliver On Promises


    August 8, 2022 - Contify Energy News

     

      Innergex Renewable Energy Inc. ("Innergex" or the "Corporation") today released its operating and financial results for the second quarter ended June 30, 2022. "The past few months were fruitful for Innergex with the completion of a significant acquisition of three wind farms in Chile, the commissioning of our first stand-alone battery energy storage project in France and the launch of construction of our first battery energy storage project coupled with solar in Chile," said Michel Letellier, President and Chief Executive Officer of Innergex.

      Original Press Release:

      Longueuil, Quebec, Aug. 3 -- Innergex Renewable Energy issued the following news release:

      - Acquisition of the Aela wind facilities in Chile in Q2 2022 adding net 332 MW

      - Launch of construction at the 50 MW/250 MWh Salvador battery storage project in Chile in Q2 2022

      - Commissioning of the 9 MW/9 MWh Tonnerre battery storage facility in France in Q3 2022

      Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") today released its operating and financial results for the second quarter ended June 30, 2022.

      "The past few months were fruitful for Innergex with the completion of a significant acquisition of three wind farms in Chile, the commissioning of our first stand-alone battery energy storage project in France and the launch of construction of our first battery energy storage project coupled with solar in Chile," said Michel Letellier, President and Chief Executive Officer of Innergex. "Our strong and diversified portfolio of prospective projects along with all of our projects currently at an advanced stage of development or in construction bode well for the future growth of Innergex. We continue to work diligently to improve our payout ratio and to develop our business in a sustainable manner by continuing to seize and create the opportunities the clean energy transition brings in all of our markets.

      Disclaimer: Table can be viewed at: https://www.innergex.com/wp-content/uploads/2022/08/INE_Q22022_EN.pdf

      OPERATING PERFORMANCE

      Production for the three-month period ended June 30, 2022 was 92% of LTA. Innergex's share of production of joint ventures and associates1 was 86% of LTA, translating into a Production Proportionate1 at 92% of LTA. Revenues were up 29% at $219.7 million compared with the same period last year. This increase is mainly explained by the contribution of the Curtis Palmer Acquisition, the acquisition of the remaining 50% interest in Energía Llaima, for which results are now included in Innergex's consolidated revenues, the commissioning of the Griffin Trail wind facility in Texas, higher selling prices at the Phoebe solar facility in Texas, the acquisition of Aela Generación S.A. and Aela Energía SpA (together “Aela”) in Chile, higher revenues from the Quebec wind facilities resulting mainly from higher production, the acquisition of the San Andrés solar facility in Chile and the commissioning of the Amazon Solar Farm Ohio - Hillcrest ("Hillcrest") facility. These items were partly offset by lower revenues from the hydro facilities in British Columbia from lower water flows due to cooler weather delaying the melting season ("freshet"), from lower wind regimes and lower exchange rate at the wind facilities in France and lower selling prices at the Salvador solar facility. Revenues Proportionate1 increased by 27% to $251.5 million over the same period last year.

      For the three-month period ended June 30, 2022, Operating, general, administrative and prospective projects expenses were up 40% at $66.9 million compared with the same period last year. The increase is mainly attributable to higher maintenance costs at some of the hydro facilities in British Columbia, the commissioning of the Griffin Trail wind facility, the acquisition of the remaining 50% interest in Energía Llaima, the Aela Acquisition, the Curtis Palmer Acquisition and the commissioning of the Hillcrest solar facility. The Adjusted EBITDA1 was 25% higher at $152.9 million for the three-month period ended June 30, 2022, compared with the same period last year. The Adjusted EBITDA Proportionate1 reached $181.1 million, a 24% increase compared with the same period last year.

      Innergex recorded a net loss of $24.6 million ($0.13 loss per share - basic and diluted) for the quarter ended June 30, 2022, compared with net earnings of $50.2 million ($0.23 net earnings per share - basic and diluted) for the corresponding period in 2021. This was mainly due to a $45.2 million decrease in recovery of income tax stemming from the reversal of deferred tax liabilities in 2021 related to the Flat Top and Shannon joint venture facilities, due to the projects' assets and liabilities being classified as disposal groups held for sale; an unfavourable $25.6 million unrealized change in the fair value of financial instruments, mainly related to the increase in merchant power curves for the Phoebe power hedge and an unfavourable change in foreign exchange forward curves, and partly offset by a favourable change in interest rate curves, compared with the same period in 2021; a $19.9 million increase in depreciation and amortization; an $18.4 million increase in finance costs, mainly attributable to the Energía Llaima, Aela and Curtis Palmer acquisitions, and the Griffin Trail and Hillcrest commissioning in 2021 and and an unfavourable $10.0 million realized change in the fair value of financial instruments, mainly related to higher merchant prices in 2022 affecting the Phoebe power hedge. The increase in net loss is also explained by an unfavourable change in the mark to market of financial instruments and in the power hedge settlements, due to higher merchant prices. These items were partly offset by a $9.7 million increase in other net income, mainly related to the production tax credits and tax attributes allocated to the tax equity investors at the Griffin Trail wind facility, following its commissioning during the third quarter of 2021.

      Production for the six-month period ended June 30, 2022 was 93% of LTA. Innergex's share of production of joint ventures and associates1 was 92% of LTA, translating into a Production Proportionate1 at 93% of LTA. Revenues were up 34% at $408.5 million compared with the same period last year, for which Revenues were normalized to exclude the February 2021 Texas Events. This increase is mainly explained by the contribution of the Curtis Palmer Acquisition, the acquisition of the remaining 50% interest in Energía Llaima, for which results are now included in Innergex's consolidated revenues, the commissioning of the Griffin Trail wind facility, the BC Hydro Curtailment Payment2, higher revenues from the Quebec wind facilities resulting mainly from higher production, higher selling prices at the Phoebe solar facility in Texas, the commissioning of the Hillcrest facility and the acquisition of the Aela wind farms and the San Andrés solar facility in Chile. These items were partly offset by lower revenues from lower average selling prices at the Foard City facility, from lower water flows due to cooler weather delaying freshet at the hydro facilities in British Columbia and from lower wind regimes and lower exchange rate at the wind facilities in France. Revenues Proportionate1 increased by 28%

      Disclaimer: The full PDF release can be found at: https://www.innergex.com/wp-content/uploads/2022/08/INE_Q22022_EN.pdf

      Source: Innergex Renewable Energy

      [Category: Energy]

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