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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Frequently asked questions

Innergex Renewable Energy Inc is a Canadian independent power producer that develops, owns, and operates renewable energy facilities. The company’s portfolio includes hydroelectric, wind, and solar projects across North America, Latin America, and Europe. It sells electricity through long-term power purchase agreements. Innergex Renewable Energy Inc is headquartered in Longueuil, Canada, and its shares are listed on the TSX.