Presentation – Conference call – Q3 2021

Third Quarter 2021

Conference Call & Webcast

November 10, 2021

Innergex Renewable Energy

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FORWARD-LOOKING INFORMATION

To inform readers of the Corporation's future prospects, this document contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"), including the Corporation's projected financial performance, 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-recourseproject-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-Québec), 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 document.

Future-orientedfinancial information: Forward-Looking Information includes future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the Corporation's expected production, the estimated project costs, projected revenues, projected Revenues Proportionate, projected Adjusted EBITDA and projected Adjusted EBITDA Proportionate, Projected Free Cash Flow, Projected 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, of the Corporation's ability to sustain current dividends and to fund its growth and of the possible outcomes of the proceedings initiated in Texas with regard to the Flat Top and Shannon facilities. Such information may not be appropriate for other purposes.

Assumptions: 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, project performance, economic, financial and financial market conditions, the Corporation's success in developing and constructing new facilities, expectations and assumptions concerning availability of capital resources and timely performance by third parties of contractual obligations and receipt of regulatory approvals.

Risks and Uncertainties: Forward-Looking Information involves 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. These are referred to in the "Risks and Uncertainties" section of the Annual Report and include, without limitation: the variability in hydrology, wind regimes and solar irradiation; the delays and cost overruns in the design and construction of projects; health, safety and environmental risks, equipment failure or unexpected operations and maintenance activity; the variability of installation performance and the related penalties; the performance of major counterparties; equipment supply; the regulatory and political risks; the increase in water rental cost or the changes to regulations applicable to water use; the availability and the reliability of the transmission systems; the assessment of water, wind and solar resources and the associated electricity production; global climate change; natural disasters and force majeure; pandemics, epidemics or other public health emergencies; cybersecurity; the reliance on shared transmission and interconnection infrastructure; the ability of the Corporation to execute its strategy for building shareholder value; the ability to raise additional capital and the state of the capital market; the ability to secure new PPAs or renew any PPA; the fluctuations affecting prospective power prices; uncertainties surrounding development of new facilities; the obtainment of permits; the failure to realize the anticipated benefits of completed and future acquisitions; the integration of the completed and future acquisitions; the changes in governmental support to increase electricity to be generated from renewable sources by independent power producers; social acceptance of renewable energy projects; the relationships with stakeholders; the ability to secure appropriate land; foreign market growth and development risks; the liquidity risks related to derivative financial instruments; the interest rate fluctuations and refinancing risk; the financial leverage and restrictive covenants governing current and future indebtedness; the changes in general economic conditions; the foreign exchange fluctuations; the risks related to U.S. production and investment tax credits, changes in U.S. corporate tax rates and availability of tax equity financing; the possibility that the Corporation may not declare or pay a dividend; the ability to attract new talent or to retain officers or key employees; litigation; the exposure to many different forms of taxation in various jurisdictions; the reliance on various forms of PPAs; the sufficiency of insurance coverage; the credit rating not reflecting the actual performance of the Corporation or a lowering (downgrade) of the credit rating; the variation of the revenues from certain facilities based on the market (or spot) price of electricity; the host country economic, social and political conditions; the adverse claims to property title; unknown liabilities; the reliance on intellectual property and confidential agreements to protect the Corporation's rights and confidential information; the reputational risks arising from misconduct of representatives of the Corporation.

Although the Corporation believes that the expectations and assumptions on which Forward-Looking Information is based are reasonable under the current circumstances, readers are cautioned not to rely unduly on this Forward-Looking Information, as no assurance can be given that it will prove to be correct. Forward-Looking Information contained herein is provided as at the date of this document, and the Corporation does not undertake any obligation to update or revise any Forward-Looking Information, whether as a result of events or circumstances occurring after the date hereof, unless so required by law.

Innergex Renewable Energy

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FORWARD-LOOKING INFORMATION

The following table outlines the Forward-Looking Information contained in this document, which the Corporation considers important to better inform readers about its potential financial performance, together with the principal assumptions used to derive this information and the principal risks and uncertainties that could cause actual results to differ materially from this information.

Principal Assumptions	Principal Risks and Uncertainties
EXPECTED PRODUCTION
For each facility, the Corporation determines a long-term average annual level of electricity production ("LTA") over the
expected life of the facility, based on engineers' studies that take into consideration a number of important factors: for	Improper assessment of water, wind and solar resources and associated electricity production
hydroelectricity, the historically observed flows of the river, the operating head, the technology employed and the reserved
aesthetic and ecological flows; for wind energy, the historical wind and meteorological conditions and turbine technology;	Variability in hydrology, wind regimes and solar irradiation resources
Equipment supply risk, including failure or unexpected operations and maintenance activity
and for solar energy, the historical solar irradiation conditions, panel technology and expected solar panel degradation.
Natural disasters and force majeure
Other factors considered include, without limitation, site topography, installed capacity, energy losses, operational features
Regulatory and political risks affecting production
and maintenance. Although production will fluctuate from year to year, over an extended period it should approach the	Health, safety and environmental risks affecting production
estimated LTA.
Variability of installation performance and related penalties
On a consolidated basis, the Corporation estimates its LTA by adding together the expected LTAs of all the Operating	Availability and reliability of transmission systems
Litigation
Facilities that it consolidates. This consolidation excludes, however, the facilities that are accounted for using the equity
method.
PROJECTED REVENUES AND PROJECTED REVENUES PROPORTIONATE
For each facility, expected annual revenues are estimated by multiplying the LTA by a price for electricity stipulated in the
PPA secured with a public utility or other creditworthy counterparty. In most cases, these PPAs stipulate a base price for
electricity produced and, in some cases, a price adjustment depending on the month, day and hour of its delivery. In most	See principal assumptions, risks and uncertainties identified under "Expected Production"
cases, PPAs also contain an annual inflation adjustment based on a portion of the Consumer Price Index. This excludes
facilities that receive revenues based on the market (or spot) price for electricity. For these facilities, expected annual	Reliance on PPAs
Revenues from certain facilities will vary based on the market (or spot) price of electricity
revenues are estimated by multiplying the LTA with forward market prices, which are based on observable market data or
Fluctuations affecting prospective power prices
constructed using various assumptions depending on historical market prices, supply, demand and congestion volumes
Changes in general economic conditions
observed, as well as econometric models.
Ability to secure new PPAs or renew any PPA
On a consolidated basis, the Corporation estimates annual revenues by adding together the projected revenues of the
Operating Facilities that it consolidates. The consolidation excludes, however, the facilities that are accounted for using the
equity method.
PROJECTED ADJUSTED EBITDA
For each facility, the Corporation estimates annual operating earnings by adding (deducting) to net earnings (loss) income	See principal assumptions, risks and uncertainties identified under "Expected Production" and
tax expense (recovery), finance costs, depreciation and amortization, other net income, share of (earnings) loss of joint	"Projected Revenues"
ventures and associates and change in fair value of financial instruments.	Unexpected maintenance expenditures
PROJECTED ADJUSTED EBITDA PROPORTIONATE
On a consolidated basis, the Corporation estimates annual Adjusted EBITDA Proportionate by adding to the projected	See principal assumptions, risks and uncertainties identified under "Expected Production", "Projected
Adjusted EBITDA Innergex's share of Adjusted EBITDA of the operating joint ventures and associates, other income related
Revenues" and "Projected Adjusted EBITDA"
to PTCs, and Innergex's share of the other net income of the operating joint ventures and associates related to PTCs.
QUALIFICATION FOR PTCS AND ITC AND EXPECTED TAX EQUITY INVESTMENT FLIP POINT
For certain Development Projects in the United States, the Corporation has conducted on- and off-site activities expected	Risks related to U.S. PTCs and ITC, changes in U.S. corporate tax rates and availability of tax equity
to qualify its Development Projects for PTCs or ITC at the full rate and to obtain tax equity financing on such a basis. To
financing
assess the potential qualification of a project, the Corporation takes into account the construction work performed and the
Regulatory and political risks
timing of such work. The expected Tax Equity Flip Point for tax equity investment is determined according to the LTAs and	Delays and cost overruns in the design and construction of projects
revenues of each such project and is subject in addition to the related risks mentioned above.	Obtainment of permits

Innergex Renewable Energy

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FORWARD-LOOKING INFORMATION

Principal Assumptions	Principal Risks and Uncertainties
PROJECTED FREE CASH FLOW, PROJECTED FREE CASH FLOW PER SHARE AND INTENTION TO PAY DIVIDEND
QUARTERLY
The Corporation estimates Projected Free Cash Flow as projected cash flows, from operating activities before changes in
non-cash operating working capital items, less estimated maintenance capital expenditures net of proceeds from disposals,
scheduled debt principal payments, preferred share dividends declared and the portion of Free Cash Flow attributed to	See principal assumptions, risks and uncertainties identified under "Expected Production", "Projected
non-controlling interests, plus or minus other elements that are not representative of the Corporation's long-term cash	Revenues" and "Projected Adjusted EBITDA"
generating capacity, such as transaction costs related to realized acquisitions (which are financed at the time of the	Possibility that the Corporation may not declare or pay a dividend
acquisition), realized losses or gains on derivative financial instruments used to hedge the interest rate on project-level debt
or the exchange rate on equipment purchases. The Corporation estimates the annual dividend it intends to distribute based
on the Corporation's operating results, cash flows, financial conditions, debt covenants, long-term growth prospects,
solvency test imposed under corporate law for declaration of dividends and other relevant factors.
ESTIMATED PROJECT COSTS, EXPECTED OBTAINMENT OF PERMITS, START OF CONSTRUCTION, WORK	Uncertainties surrounding development of new facilities
CONDUCTED AND START OF COMMERCIAL OPERATION FOR DEVELOPMENT PROJECTS OR PROSPECTIVE
Performance of major counterparties, such as suppliers or contractors
PROJECTS
Delays and cost overruns in the design and construction of projects
For each Development Project and Prospective Project, the Corporation may provide (where available) an estimate of
Ability to secure appropriate land
potential installed capacity, estimated storage capacity, estimated project costs, project financing terms and each project's
Obtainment of permits
development and construction schedule, based on its extensive experience as a developer, in addition to information	Health, safety and environmental risks
directly related to incremental internal costs, site acquisition costs and financing costs, which are eventually adjusted for
Ability to secure new PPAs or renew any PPA
the projected costs and construction schedule provided by the engineering, procurement and construction ("EPC")	Higher-than-expected inflation
contractor retained for the project.	Equipment supply
	Interest rate fluctuations and financing risk
The Corporation provides indications based on assumptions regarding its current strategic positioning and competitive	Risks related to U.S. PTCs and ITCs, changes in U.S. corporate tax rates and availability of tax equity
outlook, as well as scheduling and construction progress, for its Development Projects and its Prospective Projects, which	financing
the Corporation evaluates based on its experience as a developer.	Regulatory and political risks
	Natural disaster and force majeure
	Relationships with stakeholders
	Foreign market growth and development risks
	Social acceptance of renewable energy projects
	Ability of the Corporation to execute its strategy of building shareholder value
	Failure to realize the anticipated benefits of completed and future acquisitions
	Changes in governmental support to increase electricity to be generated from renewable sources by
	independent power producers
	COVID-19 restrictive measures
INTENTION TO RESPOND TO REQUESTS FOR PROPOSALS	Regulatory and political risks
The Corporation provides indications of its intention to submit proposals in response to requests for proposals ("Request for
Proposals" or "RFP") based on the state of readiness of some of its Prospective Projects and their compatibility with the	Ability of the Corporation to execute its strategy for building shareholder value
Ability to secure new PPAs
announced terms of these RFPs.
Changes in governmental support to increase electricity to be generated from renewable sources by
	independent power producers
	Social acceptance of renewable energy projects
	Relationships with stakeholders

Innergex Renewable Energy

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AGENDA

1.	Q3	2021	Financial Highlights	6.	Development Activities
2.	Q3	2021	Results	7.	Prospective Projects
3.	Significant Financial Event	8.	Question Period
4.	Growth and Development Initiatives	Appendix: Non-IFRS Measures
5.	Construction Activities

Note: All amounts in this presentation are in Canadian dollars, unless otherwise indicated

Innergex Renewable Energy

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