Innergex Renewable Energy : Investor Kit – Q3 2021

INVESTOR KIT Q3 2021

*All financial data are in Canadian dollars and as at September 30, 2021

For more than 30 years now, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent

renewable power producer that develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that renewable energy will lead the way to a better world.

Innergex operates in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets with an aggregate gross installed capacity of 3,801 MW and an energy storage capacity of 150 MWh. It also holds interests in nine projects under development and several prospective projects.

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.

A SUSTAINABLE BUSINESS MODEL

PEOPLEPLANET

We are passionate people	We believe that renewable
building strong partnerships	energy is part of the solution
with local communities.	to climate change.

PROSPERITY

We generate value for our employees, shareholders, partners and host communities.

	KEY FIGURES				DIVIDEND GROWTH
79	$7.2B	$20.30		($)			CAGR*
			2.0%	0.72	0.72
operating facilities	total assets value	closing share price				0.70
					0.70		0.68
3,801 MW	$4.0B	535,688		0.66
gross installed capacity	market capitalization	average daily volume
		(including preferred shares)	traded during Q3 2021	0.60
	2,291 GWh	$8.9B	3.5%
	generated during Q3 2021	enterprise value	yield
					0.50
	STOCK PERFORMANCE			2017	2018	2019	2020	2021
				*Compound annual growth rate
	AVERAGE TOTAL RETURN	5-YEAR	3-YEAR
	INE.CN (TSX)	14.4%	24.7%
	S&P/TSX Composite Index	10.0%	11.7%

Source Bloomberg: including reinvestment of dividends. As at September 30, 2021

INNERGEX FACILITIES

CANADA

			BROWN LAKE		DOKIE 1
			7.2 MW
			FITZSIMMONS CREEK	144.0 MW
	BOULDER CREEK	7.5 MW
	MILLER CREEK
		25.3 MW
		33.0 MW
	UPPER LILLOOET RIVER
	81.4 MW	WALDEN NORTH
	EAST TOBA	16.0 MW
	147.0 MW		RUTHERFORD CREEK
	MONTROSE CREEK			49.9 MW
	88.0 MW			FIRE CREEK
	JIMMIE CREEK			23.0 MW
			KWOIEK CREEK
	62.0 MW
			49.9 MW
	ASHLU CREEK
				DOUGLAS CREEK
	49.9 MW
				27.0 MW
	TIPELLA CREEK
			STOKKE CREEK
	18.0 MW			22.0 MW
	NORTHWEST STAVE RIVER		BIG SILVER CREEK
		17.5 MW		40.6 MW
	UPPER STAVE RIVER	TRETHEWAY CREEK
BARBERS		33.0 MW	21.2 MW
POINT			LAMONT CREEK
15.0 MW			27.0 MW
	KAHANA	HORSESHOE BEND
HAWAII	20.0 MW
	9.0 MW	DESERT MEADOW
				23.0 MW
PAEAHU					MAINLINE
15.0 MW
				23.0 MW
	HALE KUAWEHI
	30.0 MW				RYEGRASS
					23.0 MW
		TWO PONDS
		23.0 MW
			HAMMETT HILL		COLD SPRINGS
			23.0 MW
					23.0 MW

34.0 MW		UNITED STATES
PAMPA ELVIRA
	SALVADOR
	68.0 MW
GUAYACÁN
12.0 MW			FOARD CITY
			350.3 MW
MAMPIL			GRIFFIN TRAIL
55.0 MW	PEUCHEN	PHOEBE	225.6 MW
RUCACURA	250.0 MW
3.0 MW	85.0 MW

FRONTERA 109.0 MW

CHILE

LICÁN 18.0 MW

INNAVIK 7.5 MW

						GROSMORNE
				BAIEDESSABLES	211.6 MW
				109.5 MW	MAGPIE
				SM1
					40.6 MW
				30.5 MW
	PORTNEUF3 8.0 MW		MONTAGNE SÈCHE
		58.4 MW
		PORTNEUF2 9.9 MW
			L'ANSEÀVALLEAU 100.5 MW
			PORTNEUF1 8.0 MW		CARLETON 109.5 MW
UMBATA FALLS
23.0 MW			MONTMAGNY	MESGI'G UGJU'S'N 150.0 MW
				2.1 MW	VIGERDENONVILLE 24.6 MW
	SAINTPAULIN		CHAUDIÈRE 24.0 MW
		8.0 MW	WINDSOR
	BATAWA			5.5 MW
		STARDALE
	5.0 MW
		27.0 MW
				CURTIS MILLS
SPARTAN	GLEN MILLER	12.0 MW
PALMER FALLS
10.5 MW	8.0 MW
	48.0 MW

KOKOMO 6.0 MW

HILLCREST 200.0 MW

BEAUMONT 25.0 MW

BOIS DES CHOLLETZ
11.8 MW
	LONGUEVAL
	10.0 MW		PORCIEN
			10.0 MW
			VALLOTTES
			12.0 MW
	PLAN FLEURY
	22.0 MW		LES RENARDIÈRES
BOIS D'ANCHAT			21.0 MW
10.0 MW
	YONNE	YONNE II
	44.0 MW
	6.9 MW	ROUGEMONT1
ANTOIGNÉ
TONNERRE
	36.1 MW
8.0 MW	9.0 MWh
LAZENAY			ROUGEMONT2
9.0 MW			44.5 MW
			VAITE

MONTJEAN	38.9 MW
12.0 MW
THEILRABIER
12.0 MW

FRANCE

IN OPERATION

3,101 / 3,801 MW (net1/ gross capacity)

40 hydro facilities (919 / 1,259 MW)

32 wind farms (1,602 / 1,946 MW)

7 solar farms (580 / 596 MW) Total energy storage 150 MWh

79 FACILITIES

1 Net capacity represents the proportional share of the total capacity attributable to Innergex based on its ownership interest in each facility.

UNDER DEVELOPMENT

171 / 209 MW (net / gross)

3 hydro projects (89 / 120 MW)

1 wind project (2 / 9 MW)

4 solar projects (80 / 80 MW)

1 energy storage project (9 MWh)

MORE THAN 7,281 GROSS MW

IN PROSPECTIVE PROJECTS

FINANCIAL PERFORMANCE

ADJUSTED EBITDA PROPORTIONATE ($M)		FREE CASH-FLOW ($M) & PAYOUT RATIO
	Adj. EBITDA		JV			PTCs			Free Cash Flow (TTM)		Payout Ratio
			517	560	124%	135%	140%	136%	121%
		428			416
309
		352	409	422
299	333	95.6					107.0
		93.3	89.6		92.5
2017	2018	2019	2020 30-Sept-2021	30-Sept-2031-Dec-20	31-Mar-21	30-Jun-21	30-Sept-21
							Normalized				Normalized	Normalized	Normalized

ACCESS TO CAPITAL

• $661M equity Private Placement by Hydro-Québecin Innergex
• Innergex partners with tax equity investors for facilities eligible for renewable energy tax incentives in the U.S.
• Revolving credit facilities supported by 12 unencumbered assets
• More than $360M still available via our revolving credit facilities

BALANCE SHEET

• Power purchase agreements duration of 14.2 years on average, one of the longest in the renewable energy sector
• Young assets with a weighted average age of approximately 9.2 years
• 95% of our debt is not exposed to rising interest rates
• More than 85% of our debt is project level

TRADING INFORMATION

SYMBOL (COMMON SHARE)	INE.CN (TSX)
Index inclusion	S&P/TSX
Outstanding shares	192.8M
Transfer agent	Computershare
	(Canada)
Preferred shares	5.4M
INE.PR.A | INE.PR.C
Convertible Debentures	148,023
INE.DB.B
Convertible Debentures	142,056
INE.DB.C

NEXT DIVIDEND PAYMENT

(Common shares)

PERIOD	RECORD	PAYMENT	AMOUNT
	DATE	DATE
Q4 2021	12/31/2021	01/15/2022	$0.180

ANALYST COVERAGE

	BMO Capital Markets		Ben Pham
	CIBC Capital Markets		Mark Jarvi
	Credit Suisse		Andrew M. Kuske
	Desjardins Securities		Bill Cabel
	IA Securities		Naji Baydoun
	National Bank Financial		Rupert M. Merer
	Peters & Co Limited		Ken Chmela
	Raymond James		David Quezada
	RBC Capital Market		Nelson Ng
	Scotiabank GBM		Justin Strong
	TD Securities		Sean Steuart
INVESTOR SERVICES - TRANSFER AGENT
	COMPUTERSHARE (CANADA)	TORONTO
		100 University Ave., 8th Floor, North Tower
	T 1-800-564-6253 OR 1 514-982-7555	Toronto ON M5J 2Y1
	F 1-888-453-0330	MONTREAL
	[e-mail]	1500 Robert-Bourassa Blvd, suite 700
		Montreal QC H3A 3S8
INNERGEX HEAD OFFICE
1225 Saint-Charles Street West, 10th floor		REGIONAL OFFICES
Longueuil QC J4K 0B9		Lyon, France | San Diego, U.S.
Tel. : [phone]		Vancouver, Canada | Santiago, Chile
[e-mail]		innergex.com

Photos : istock.com _ Innergex