Innergex Renewable Energy (INE) Q1 2025 earnings summary

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.