Innergex Renewable Energy : Quarterly report (Q3) for the period ended September 30, 2022

For more than 30 years now, Innergex Renewable Energy Inc. 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 follows a sustainable development philosophy that balances people, our planet and prosperity. The Corporation's shares are listed on the Toronto Stock Exchange (''TSX'') under the symbols INE, INE.PR.A and INE.PR.C and its convertible debentures are listed under the symbols INE.DB.B and INE.DB.C.

KEY FIGURES

Innergex measures its performance using key performance indicators ("KPIs"). Innergex believes that these indicators are important, as they provide management and the reader with additional information about its production and cash-generating capabilities, its ability to pay dividends and fund its growth.

These indicators are not recognized measures under IFRS, have no standardized meaning prescribed by IFRS and therefore may not be comparable to those presented by other issuers. Please refer to the "Non-IFRS Measures" section for more information.

Production KPIs

Production in comparison with Long-Term Average ("LTA") in megawatt/hours ("MWh") and gigawatt/hours ("GWh")

Production and Production Proportionate

Financial KPIs

Revenues and Revenues Proportionate

Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted

EBITDA Proportionate

Adjusted Net Earnings (Loss)

Free Cash Flow

Payout Ratio

Operational Key Performance Indicators

As at November 7, 2022, the Corporation has four geographic segments and three operating segments.

Gross Installed Capacity		Gross Installed Capacity by Source of
by Country					Energy (MW)
Canada	2016						1,571
46.7%	2017							1,840	2,888
	2018						3,488
Chile	2019
2020													3,694
15.7%
	2021							3,800
	2022							4,184

	France
USA	7.7%
		Hydro		Wind		Solar
29.9%

Innergex Renewable Energy Inc.	Introduction and Key Figures p2
2022 Third Quarter	(in thousands of Canadian dollars, except as noted and amounts per share)

BUSINESS STRATEGY

Innergex develops, acquires, owns and operates renewable power-generating facilities with a focus on hydroelectric, wind and solar production as well as energy storage technologies. The Corporation's fundamental goal is to create wealth by efficiently managing its high-quality renewable energy assets and successfully pursuing its growth.

Innergex is committed to producing energy from sustainable renewable sources exclusively and to providing energy storage capacity, guided by its philosophy that balances investing in people, caring for our planet and generating prosperity by sharing economic benefits with local communities and creating shareholder value. Innergex is committed to developing, acquiring, owning and operating renewable energy facilities exclusively that generate sustainable cash flows, provide an attractive risk- adjusted return on invested capital and enable the distribution of a sustainable dividend.

Innergex owns interests in 40 hydroelectric facilities drawing on 33 watersheds, 35 wind facilities, 8 solar facilities and 1 battery energy storage facility. The expertise and innovation developed by our skilled team in various energies and different locations can be leveraged and shared across the Corporation to maximize returns from our high-quality assets.

INFORMATION ON COVID-19

The Corporation continues to closely monitor the impacts of COVID-19 and is actively managing its response by placing a priority on the health and safety of our employees, suppliers, business partners and the broader community. Innergex is adhering to pandemic response plans and is following guidance from government health departments with respect to conducting operations safely. To the extent possible, and as permitted by local guidelines, the Corporation is facilitating vaccination of its employees against COVID-19.

Power production activities have continued in all segments, as they have been deemed essential services in every region where the Corporation operates. Innergex's renewable power production is sold mainly through power purchase agreements, which include sufficient protection to prevent material reduction in demand, to financially solid counterparties, and no credit issues are anticipated.

Although our business is considered essential services, different government decisions in each region may have an impact on the ability of Innergex's employees, customers, suppliers and other business partners to conduct business activities as usual, and this could last for an extended period. This could have a material effect on our operating results, financial condition, liquidity, capital expenditures and the trading value of our securities, in particular:

• Impact of supply chain disruption on construction and development activities;
• Impact on employees and cybersecurity;
• Impact on liquidity;
• Impact on capital expenditures and costs;
• Impact on general electricity demand and on merchant prices.

The effects of COVID-19 on business may continue for an extended period, and the ultimate impact on the Corporation of the pandemic will depend on future developments that are uncertain and cannot be predicted including, and without limitations, the duration and severity of the pandemic, the duration of government mitigation measures, the effectiveness of the actions taken to contain and treat the disease, and the length of time it takes for normal economic and operating conditions to resume.

Since March 2020, Innergex has implemented numerous measures to protect employees, suppliers and business partners from COVID-19. In addition to standard operating procedures designed to maintain safe operations, the Corporation has implemented Communicable Disease Prevention Plans in each of its locations to provide guidance on health and safety measures to adopt regarding the COVID-19 pandemic. The Corporation is engaged in ongoing communications with employees, apprising them of its response to the pandemic. Innergex believes that its employees and suppliers can access its facilities safely and in compliance with relevant directives.

Innergex Renewable Energy Inc.	Business Strategy p3
2022 Third Quarter	(in thousands of Canadian dollars, except as noted and amounts per share)

PORTFOLIO OF ASSETS

The Corporation owns interests in three groups of projects at various stages: the Operating Facilities, the Development Projects and the Prospective Projects.

As at November 7, 2022, the Corporation owns and operates 84 facilities in commercial operation (the "Operating Facilities"). Commissioned between 1986 and July 2022, the facilities have a weighted average age of approximately 9.6 years.

They mostly sell the generated power under long-term power purchase agreements, power hedge contracts1 and short- and long-term industrial contracts (each, a "PPA") to rated public utilities or other creditworthy counterparties, or on the open market. The PPAs have a weighted average remaining life of 13.5 years (weighted average based on gross long-term average production).

For most Operating Facilities in Canada and in France, PPAs include a base price and, in some cases, a price adjustment depending on the month, day and hour of delivery. For most Operating Facilities in the United States, power generated is sold through PPAs or on the open market mainly supported by financial or physical power hedges. In Chile, Operating Facilities sell the power generated through PPAs to power distribution companies and industrial customers, or on the open market. Please refer to the "Business Environment - Inflation" section of this MD&A for a discussion regarding inflation.

The Corporation also holds interests in projects under development that are either at an advanced development stage or under construction (the "Development Projects").

1. A power hedge contract is deemed a PPA regardless of whether it is subjected to hedge accounting or accounted for as a financial derivative at fair value through earnings (loss).

The table below outlines Operating Facilities and Development Projects as at November 7, 2022.

	Number of Facilities1	Gross2 Installed Capacity	Net3 Installed Capacity	Storage Capacity
			(MW)		(MW)			(MWh)
	Operating Development Operating Development Operating Development	Operating	Development
	Facilities	Projects	Facilities	Projects	Facilities	Projects	Facilities		Projects
HYDRO
Canada	33	1	1,019	8	713	4	-		-
United States	3	-	70	-	40	-	-		-
Chile	4	2	170	112	166	85	-		-
Subtotal	40	3	1,259	120	919	89	-		-
WIND
Canada	8	-	908	-	714	-	-		-
France	16	2	324	38	324	32	-		-
United States	8	1	714	330	662	330	-		-
Chile	3	-	332	-	332	-	-		-
Subtotal	35	3	2,278	368	2,032	362	-		-
SOLAR
Canada	1	-	27	-	27	-	-		-
United States	4	5	467	280	466	280	-		320	5
Chile	3	-	153	-	138	-	150	4	-
Subtotal	8	5	647	280	631	280	150		320
STORAGE
France	1	-	-	-	-	-	9		-
Chile	-	2	-	-	-	-	-		425	6
Subtotal	1	2	-	-	-	-	9		425
Total	84	13	4,184	768	3,582	731	159		745

1. The number of Operating Facilities includes all facilities owned and operated by the Corporation, including non-wholly owned subsidiaries and joint ventures and associates.
2. Gross installed capacity is the total capacity of all Operating Facilities of Innergex, including non-wholly owned subsidiaries and joint ventures and associates.
3. Net installed capacity is the proportional share of the total capacity attributable to Innergex based on its ownership interest in each facility.
4. Capacity related to the hot water storage of the Pampa Elvira thermal solar facility.
5. Battery storage capacity related to Hale Kuawehi (30 MW/120 MWh (4 hours)), Paeahu (15 MW/60 MWh (4 hours)), Kahana (20 MW/80 MWh (4 hours)) and Barbers Point (15 MW/60 MWh (4 hours)) solar projects.

6. Salvador battery storage capacity of 50 MW/250 MWh (5 hours) and San Andrés battery storage capacity of 35MW/175 MWh (5 hours).

More information on the Corporation's Prospective Projects is available in the "Prospective Projects" section of the Management's Discussion and Analysis.

Innergex Renewable Energy Inc.	Portfolio of Assets p4
2022 Third Quarter	(in thousands of Canadian dollars, except as noted and amounts per share)

MANAGEMENT'S DISCUSSION AND ANALYSIS

This Management's Discussion and Analysis ("MD&A") is a discussion of the operating results, cash flows and financial position of Innergex Renewable Energy Inc. ("Innergex" or the "Corporation") for the three- and nine-month periods ended September 30, 2022, and reflects all material events up to November 7, 2022, the date on which this MD&A was approved by the Corporation's Board of Directors.

The MD&A should be read in conjunction with the unaudited condensed interim consolidated financial statements and the accompanying notes for the three- and nine-month periods ended September 30, 2022.

The unaudited condensed interim consolidated financial statements attached to this MD&A and the accompanying notes for the three- and nine-month periods ended September 30, 2022, along with the 2021 comparative figures, have been prepared in accordance with International Financial Reporting Standards ("IFRS"). However, some measures referred to in this MD&A are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Please refer to the "Non-IFRS Measures" section for more information.

All tabular dollar amounts are in thousands of Canadian dollars, except amounts per share or unless otherwise indicated. Some amounts included in this MD&A have been rounded to make reading easier, which may affect some calculations.

To inform readers of the Corporation's future prospects, this MD&A contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"). Please refer to the "Forward-Looking Information" section for more information.

Additional information relating to Innergex, including its Annual Information Form, can be found on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval ("SEDAR") at sedar.com or on the Corporation's website at innergex.com. Information contained in or otherwise accessible through our website does not form part of this MD&A and is not incorporated into the MD&A by reference.

TABLE OF CONTENTS
1- Highlights........................................................................	5
Third Quarter 2022 - Growth Initiatives ..................	5
Third Quarter 2022 - Selected Information ............	7
Third Quarter 2022 - Operating Performance .......	8
Third Quarter 2022- Capital and Resources..........	9
Subsequent Events ...................................................	9
2- Overview of Operations................................................	9
Business Environment ..............................................	10
Operating Facilities....................................................	11
Commissioning Activities ..........................................	13
Construction Activities ...............................................	13
Development Activities..............................................	14
Prospective Projects..................................................	15
3- Financial Performance and Operating Results.........	16
Hydroelectric Segment..............................................	17
Wind Segment............................................................	19
Solar Segment............................................................	20
Consolidated Margin..................................................	21
Net Earnings (Loss)...................................................	22
Adjusted Net (Loss) Earnings ..................................	23

Non-ControllingInterests..........................................	24
4- Capital and Liquidity......................................................	25
Capital Structure ........................................................	25
Tax Equity Investment ...............................................	26
Financial Position.......................................................	28
Cash Flows .................................................................	32
Free Cash Flow and Payout Ratio ..........................	33
Information on Capital Stock....................................	36
Dividends.....................................................................	36
5- Non-IFRSMeasures .....................................................	38
6- Additional Consolidated Information...........................	44
Geographic Segments ..............................................	44
Historical Quarterly Financial Information..............	44
February 2021 Texas Events ...................................	45
7- Accounting Policies and Disclosure Controls............	51
Significant Accounting Policies ................................	51
Disclosure Controls and Procedures ......................	51
Entities excluded from the Corporation's control
policies and procedures............................................	52
8- Forward-LookingInformation ......................................	53

Innergex Renewable Energy Inc.	Management's Discussion and Analysis p5
2022 Third Quarter	(in thousands of Canadian dollars, except as noted and amounts per share)