Innergex Renewable Energy
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Innergex Renewable Energy (INE) investor relations material

Innergex Renewable Energy has been acquired

Innergex Renewable Energy Q1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Innergex Renewable Energy Inc
Q1 2025 earnings summary7 May, 2025

Executive summary

  • Entered into a definitive agreement to be acquired by CDPQ for $13.75 per share in cash, with 99.86% shareholder approval; transaction expected to close by Q4 2025.

  • Achieved commercial operation of the Hale Kuawehi solar and storage facility in Hawaii.

  • Continued progress on development and construction activities, including multiple projects in Chile, Canada, and France.

Financial highlights

  • Revenues and Production Tax Credits rose 12% year-over-year to $271.5 million for Q1 2025.

  • Adjusted EBITDA Proportionate increased 7% to $181.9 million compared to Q1 2024.

  • Net loss narrowed to $4.5 million from $37.7 million in Q1 2024; Adjusted Net Loss was $4.7 million versus $20.2 million last year.

  • Free Cash Flow for the trailing twelve months was $216.4 million, down from $241.8 million year-over-year.

  • Free Cash Flow per share for the trailing twelve months was $1.07, compared to $1.19 last year.

Outlook and guidance

  • Focused on securing regulatory approvals to complete the CDPQ acquisition by Q4 2025.

  • Ongoing construction of 180.2 MW in new projects, with expected commercial operation dates in 2026.

  • Two new solar projects in France selected for 20-year PPAs, expected commissioning in 2027.

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