LONGUEUIL - Innergex Renewable Energy Inc. (TSX: INE) ('Innergex' or the 'Corporation') today released its operating and financial results for the first quarter ended March 31, 2022.

'I am very pleased to continue our expansion with the acquisitions announced in Q1 2022, the advancement made to our portfolio of projects and the addition of 5 projects at a development stage. I am particularly proud to pursue our growth in the battery energy storage segment with two projects in Chile for which we have secured procurement,' said Michel Letellier, President and Chief Executive Officer of Innergex.

'The Quebec Government's recent announcements for increasing wind and other renewable energy supply demonstrate the immense growth potential of Innergex and announces a new era of increased demand for green electricity in Canada. In addition, the recent events in Europe and the IPCC report have increased the political desire for energy self-sufficiency and clean electricity which bodes well for the renewable energy sector in our international markets.

OPERATING PERFORMANCE

Production for the three-month period ended March 31, 2022, was 95% of LTA. Innergex's share of production of joint ventures and associates1 was 111% of LTA, translating into a Production Proportionate1 at 95% of LTA. Revenues were up 40% at $188.7 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 BC Hydro Curtailment Payment2, the Quebec wind facilities resulting mainly from higher production, the acquisition of the remaining 50% interest in Energia Llaima, for which results are now included in Innergex's consolidated revenues, the commissioning of the Griffin Trail wind and Amazon Solar Farm Ohio - Hillcrest ('Hillcrest') facilities and the acquisition of the San Andres facility in Chile on January 28, 2022. These items were partly offset by lower average selling prices at the Foard City facility during the quarter. Revenues Proportionate1 increased by 30% to $216.1 million over the same period last year, for which Revenues were normalized to exclude the February 2021 Texas Events. For the three-month period ended March 31, 2022, Operating, general, administrative and prospective projects expenses were up 25% at $58.2 million compared with the same period last year. The increase is mainly attributable to higher corporate general and administrative expenses to support the business, higher maintenance costs at some of the hydro facilities in British Columbia, the acquisition of the remaining 50% interest in Energia Llaima, the commissioning of the Griffin Trail wind and Hillcrest solar facilities, the Curtis Palmer Acquisition and the San Andres Acquisition. These items were partly offset by lower variable expenses following lower revenues at the Foard City facility. The Adjusted EBITDA1 was 48% higher at $130.5 million for the three-month period ended March 31, 2022, compared with the same period last year, for which the Adjusted EBITDA1 was normalized to exclude the February 2021 Texas Events. The Adjusted EBITDA Proportionate1 reached $154.9 million, a 36% increase compared with the same period last year, for which the Adjusted EBITDA Proportionate1 was normalized to exclude the February 2021 Texas Events. Innergex recorded a net loss of $34.9 million ($0.18 loss per share - basic and diluted) for the quarter ended March 31, 2022, compared with a net loss of $217.9 million ($1.24 loss per share - basic and diluted) for the corresponding period in 2021.

This was mainly due to the February 2021 Texas Events, resulting in a net unfavourable impact of $64.2 million, the recognition of $112.6 million in impairment charges and a mark-to-market loss on the Flat Top and Shannon joint ventures in 2021. The decrease in net loss is also explained by a $71.5 million favourable movement in the realized portion of changes in fair value of financial instruments mainly stemming from the net unfavourable impact of the February 2021 Texas Events and an $8.2 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. These items were partly offset by a $37.5 million decrease in income tax recovery, mainly related to the impacts of the February 2021 Texas Events, an unfavourable $24.3 million unrealized change in the fair value of financial instruments, a $21.3 million increase in depreciation and amortization and a $6.8 million increase in finance costs, mainly attributable to the Energia Llaima and Curtis Palmer acquisitions and the Griffin Trail and Hillcrest commissioning in 2021.

CASH FLOW FROM OPERATING ACTIVITIES, FREE CASH FLOW2 AND PAYOUT RATIO2

For the three-month period ended March 31, 2022, cash flows from operating activities totalled $84.9 million, compared with $60.0 million in the same period last year. The increase relates primarily to the contribution from the Energia Llaima, Lican, Curtis Palmer and San Andres acquisitions, the Hillcrest and Griffin Trail commissioning, and the BC Hydro Curtailment Payment. These items were partly offset by the February 2021 Texas Events, which contributed to a $16.8 million increase in cash flows from operating activities in the comparative period, as the Phoebe solar facility's $33.9 million net payable related to the February 2021 Texas Events remained unpaid until July 19, 2021.

SUBSEQUENT EVENTS

On April 29, 2022, to take advantage of the currently favourable energy pricing environment in France, Innergex entered into three power purchase agreements for its Antoigne, Porcien and Vallottes wind facilities (the 'New PPAs'), which are to take effect on August 1, 2022, concurrently with the termination of the current power purchase agreements. In addition, the New PPAs effectively increase the contracted period of the facilities to December 31, 2025. On May 10, 2022, the Corporation amended its existing revolving term credit facility, extending the term from 2023 to 2027 and increasing the borrowing limit to $950.0 million. On May 10, 2022, Innergex announced that it has awarded Mitsubishi Power an order for two utility-scale battery energy storage systems ('BESS'). These projects will be colocated with solar energy and enable peak shifting by storing excess solar energy during the day and dispatching at night. Innergex's 68 MW Salvador solar photovoltaic facility will add 50 MW/250 MWh (5 hours) of energy storage, and its 50.6 MW San Andres solar photovoltaic facility will add 35 MW/175 MWh (5 hours) of energy storage

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 80 operating facilities with an aggregate net installed capacity of 3,152 MW (gross 3,852 MW) and an energy storage capacity of 150 MWh, including 40 hydroelectric facilities, 32 wind farms and 8 solar farms. Innergex also holds interests in 14 projects under development, 3 of which are under construction, with a net installed capacity of 733 MW (gross 770 MW) and an energy storage capacity of 754 MWh, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 6,679 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 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, 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 (including expected growth opportunities under the Strategic Alliance with Hydro-Quebec), business integration, governance, 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, targeted Revenues Proportionate, targeted Adjusted EBITDA and targeted Adjusted EBITDA Proportionate, targeted Free Cash Flow, targeted Free Cash Flow per Share and intention to pay dividend quarterly, 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, the qualification of U.S. projects for PTCs and ITCs 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 sustain current dividends and to fund its growth. Such information may not be appropriate for other purposes. 15 Forward-Looking Information is based on certain key assumptions made by the Corporation, including, without restriction, those concerning hydrology, wind regimes and solar irradiation; performance of operating facilities, acquisitions and commissioned projects; project performance; availability of capital resources and timely performance by third parties of contractual obligations; favourable market conditions for share issuance to support growth financing; favourable economic and financial market conditions; the Corporation's success in developing and constructing new facilities; 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. Please refer to Section 5 - Outlook of the 2021 Annual Report for details regarding the assumptions used with respect to the 2022 growth targets and outlook for the 2020-2025 Strategic Plan. 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-month periods ended March 31, 2022.

Contact:

Tel: 450 928.2550

Email: investorrelations@innergex.com

Web: www.innergex.com

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