Innergex Renewable Energy Inc

Latest Results (21.01.2026):

Innergex Renewable Energy Inc. - First Quarter 2025: Innergex reported Q1 2025 results with revenues of $271.5 million and Adjusted EBITDA Proportionate of $181.9 million, delivered progress on development and construction (including commercial operation of the Hale Kuawehi solar + storage project in Hawaii), and announced a definitive agreement to be acquired by CDPQ at $13.75 per common share; the report covers operating and cash-flow metrics for the three months ended March 31, 2025 and trailing twelve months to March 31, 2025.

CDPQ transaction and approvals

Innergex entered a definitive agreement to be acquired by CDPQ for $13.75 per share; common shareholders approved the arrangement (99.86% of votes cast, excluding rollover shares). The Competition Bureau cleared the transaction and the Superior Court of Québec approved the plan of arrangement on May 7, 2025. Remaining customary regulatory approvals (e.g., U.S. Federal Power Act, French Code monétaire et financier) are outstanding; closing is expected at the latest by Q4 2025.

Revenue and EBITDA performance (Q1 2025)

Revenues and Production Tax Credits were $271.5M (up 12% YoY). Adjusted EBITDA (consolidated) was $177.8M (+8% YoY) and Adjusted EBITDA Proportionate was $181.9M (+7% YoY), driven by production tax credit sales, Boswell Springs contribution, higher wind prices in Chile and Quebec hydro.

Profitability and adjusted results

Reported net loss for Q1 2025 was $4.5M (improved from a $37.7M loss in Q1 2024). Adjusted Net Loss was $(4.7)M versus $(20.2)M a year earlier, reflecting fewer unrealized derivative impacts and other adjustments.

Cash flow and free cash flow (trailing 12 months)

Trailing 12-month cash flow from operations was $279.0M. Free Cash Flow was $216.4M and Free Cash Flow per share was $1.07 (down from $1.19 a year earlier). The payout ratio on common dividends was 34% (vs 53% prior period).

Operating production and factors

Q1 2025 production was 2,719,384 MWh (94% of long-term average versus 96% in Q1 2024). Revenue increases were mainly from PTC sales, Boswell Springs, higher Chile wind prices and Quebec hydro, partially offset by lower prices/production in Texas, B.C. hydro and some U.S./France wind/hydro sites.

Projects, commissioning and construction

Innergex reached commercial operation of the Hale Kuawehi solar + battery storage project in Hawaii and commissioned Boswell Springs. Projects under construction total ~180.2 MW net (including Salvador and San Andrés BESS in Chile, Rucacura hydro, Mesgi’g Ugju’s’n 2 wind, La Cense in France) with several milestones (site prep, contracts, decree approvals) progressing in Q1 2025.

Dividends and shareholder returns

Innergex declared dividends payable July 15, 2025: common shares $0.0900 per share; Series A preferred $0.2028; Series C preferred $0.3594. Note: payment subject to change if CDPQ transaction closes before June 30, 2025.