Innergex Renewable Energy : Investor Kit – Q4 2021

INVESTOR KIT Q4 2021

*All financial data are in Canadian dollars and as at December 31, 2021

For more than 30 years now, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent

renewable power producer that develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that renewable energy will lead the way to a better world.

Innergex operates in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets with an aggregate gross installed capacity of 3,852 MW and an energy storage capacity of 150 MWh. It also holds interests in nine projects under development and several prospective projects.

Its approach to building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.

A SUSTAINABLE BUSINESS MODEL

PEOPLEPLANET

We are passionate people	We believe that renewable
building strong partnerships	energy is part of the solution
with local communities.	to climate change.

PROSPERITY

We generate value for our employees, shareholders, partners and host communities.

	KEY FIGURES			DIVIDEND GROWTH ($)
80	$7.4B	$18.60			CAGR*
		2.2%
operating facilities	total assets value	closing share price			0.72	0.72	0.72
3,852 MW	$3.7B	476,669
	0.70
gross installed capacity	market capitalization	average daily volume	0.68
		(including preferred shares)	traded during Q4 2021
	2,583 GWh	$8.7B	3.9%	2018	2019	2020	2021	2022
	generated during Q4 2021	enterprise value	yield
	*Compound annual growth rate
	STOCK PERFORMANCE
	AVERAGE TOTAL RETURN		5-YEAR			3-YEAR
	INE.CN (TSX)		12.8%			22.1%
	S&P/TSX Composite Index		12.3%			20.8%

Source Bloomberg: including reinvestment of dividends. As at December 31, 2021

Published on March 11, 2021

INNERGEX FACILITIES

	BROWN LAKE	DOKIE 1
	7.2 MW
	FITZSIMMONS CREEK	144.0 MW
BOULDER CREEK	7.5 MW
	MILLER CREEK
25.3 MW
	33.0 MW
UPPER LILLOOET RIVER
81.4 MW		WALDEN NORTH
EAST TOBA		16.0 MW
147.0 MW		RUTHERFORD CREEK	CANADA
MONTROSE CREEK		49.9 MW
88.0 MW		FIRE CREEK
JIMMIE CREEK		23.0 MW
	KWOIEK CREEK
62.0 MW
	49.9 MW
ASHLU CREEK
		DOUGLAS CREEK
49.9 MW
		27.0 MW
TIPELLA CREEK
		STOKKE CREEK
18.0 MW			22.0 MW
NORTHWEST STAVE RIVER		BIG SILVER CREEK

INNAVIK 7.5 MW

BEAUMONT 25.0 MW

BOIS DES CHOLLETZ
	11.8 MW
		LONGUEVAL
		10.0 MW		PORCIEN
					10.0 MW
					VALLOTTES
					12.0 MW
		PLAN FLEURY
AUXY BOIS REGNIER	22.0 MW			LES RENARDIÈRES
BOIS D'ANCHAT	29.4 MW				21.0 MW
10.0 MW
		YONNE	YONNE II
		44.0 MW
			6.9 MW	ROUGEMONT1
ANTOIGNÉ	TONNERRE
		36.1 MW
8.0 MW		9.0 MWh
	LAZENAY				ROUGEMONT2
	9.0 MW				44.5 MW

	VAITE
MONTJEAN	38.9 MW
12.0 MW
THEILRABIER
12.0 MW

FRANCE

		17.5 MW	40.6 MW
	UPPER STAVE RIVER	TRETHEWAY CREEK
BARBERS		33.0 MW	21.2 MW
POINT		LAMONT CREEK
15.0 MW		27.0 MW
	KAHANA	HORSESHOE BEND
HAWAII	20.0 MW
	9.0 MW	DESERT MEADOW
			23.0 MW
PAEAHU			MAINLINE
15.0 MW
		23.0 MW
	HALE KUAWEHI
	30.0 MW		RYEGRASS
			23.0 MW
		TWO PONDS
		23.0 MW
		HAMMETT HILL
		23.0 MW	COLD SPRINGS
			23.0 MW	BOSWELL SPRINGS
				331.8 MW
PAMPA ELVIRA			UNITED STATES
34.0 MW

UMBATA FALLS 23.0 MW

SPARTAN 10.5 MW

		GROSMORNE
BAIEDESSABLES	211.6 MW
109.5 MW	MAGPIE
SM1
	40.6 MW
30.5 MW
PORTNEUF3 8.0 MW		MONTAGNE SÈCHE
	58.4 MW
PORTNEUF2 9.9 MW
	L'ANSEÀVALLEAU 100.5 MW
PORTNEUF1 8.0 MW		CARLETON 109.5 MW
MONTMAGNY	MESGI'G UGJU'S'N 150.0 MW
2.1 MW	VIGERDENONVILLE 24.6 MW
SAINTPAULIN	CHAUDIÈRE 24.0 MW
8.0 MW

		WINDSOR
BATAWA		5.5 MW
STARDALE
5.0 MW
27.0 MW
		CURTIS MILLS
GLEN MILLER	12.0 MW
PALMER FALLS
8.0 MW
	48.0 MW

IN OPERATION

3,152 / 3,852 MW (net1/ gross capacity)

40 hydro facilities (919 / 1,259 MW)

32 wind farms (1,602 / 1,946 MW)

8 solar farms (631 / 647 MW) Total energy storage 150 MWh

	SALVADOR
	68.0 MW
	SAN ANDRÉS
	50.6 MW
GUAYACÁN
12.0 MW			FOARD CITY
			350.3 MW
MAMPIL			GRIFFIN TRAIL
55.0 MW
	PHOEBE	225.6 MW
RUCACURA	PEUCHEN
250.0 MW
3.0 MW	85.0 MW

FRONTERA 109.0 MW

CHILE

LICÁN 18.0 MW

KOKOMO	PALOMINO
200.0 MW
6.0 MW

HILLCREST 200.0 MW

80 FACILITIES

1 Net capacity represents the proportional share of the total capacity attributable to Innergex based on its ownership interest in each facility.

UNDER DEVELOPMENT

733 / 770 MW (net / gross)

3 hydro projects (89 / 120 MW)

3 wind project (364 / 370 MW)

5 solar projects (280 / 280 MW) 1 energy storage project (9 MWh)

MORE THAN 7,122 GROSS MW

IN PROSPECTIVE PROJECTS

FINANCIAL PERFORMANCE
	REVENUES AND REVENUES			ADJUSTED EBITDA PROPORTIONATE1 ($M)
	PROPORTIONATE1 ($M)
			781.5	913.1						673.7
		698.0					516.8	560.3
	583.8					428.7
411.5			613.2	692.2	Revenues	308.6				470.7	Adjusted
		557.0		747.2				422.1
	481.4				352.2	409.2	EBITDA
400.3				299.0		525.6
2017	2018	2019	2020	2021		2017	2018	2019	2020	2021

	NET EARNINGS (LOSS) ($M)	CASH FLOWS FROM OPERATING ACTIVITIES ($M)
				FREE CASH-FLOW1 & PAYOUT RATIO1
19.1	25.7		135%	140%	136%	121%	122%
2020	2021
	2019	259.2		284.4	282.6
2017	2018		235.1	235.4
-29.1
	-31.2	Net
			Loss
			93.3	89.6	92.5	107.0	108.1
			-185.4
			31-Dec-2031-Mar-21	30-Jun-2130-Sept-21	31-Dec-22
				Normalized	Normalized	Normalized	Normalized

** Please refer to the «February 2021 Texas Events» section for more information.

1 These measures are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Please refer to the «Non-IFRS Measures» section of the 2021 Annual Report for more information.

ACCESS TO CAPITAL

• Innergex partners with tax equity investors for facilities eligible for renewable energy tax incentives in the U.S.
• Revolving credit facilities supported by
  12 unencumbered assets
• More than $250M still available via our revolving credit facilities

BALANCE SHEET

• Power purchase agreements duration of 14.1 years on average, one of the longest in the renewable energy sector
• Young assets with a weighted average age of approximately 9.4 years
• 92.2% of our debt is not exposed to rising interest rates
• More than 83% of our debt is project level

TRADING INFORMATION

ANALYST COVERAGE

SYMBOL (COMMON SHARE) INE.CN (TSX)

BMO Capital Markets

Ben Pham

Mark Jarvi

CIBC Capital Markets

Index inclusion

S&P/TSX

Andrew M. Kuske

Credit Suisse

Bill Cabel

Outstanding shares

192.8M

Desjardins Securities

Naji Baydoun

IA Securities

Transfer agent

Computershare

(Canada)

National Bank Financial

Rupert M. Merer

Preferred shares

Ken Chmela

5.4M

Peters & Co Limited

INE.PR.A | INE.PR.C

David Quezada

Raymond James

Convertible Debentures

148,023

Nelson Ng

RBC Capital Market

INE.DB.B

Justin Strong

Scotiabank GBM

Convertible Debentures

142,056

INE.DB.C

TD Securities

Sean Steuart

NEXT DIVIDEND PAYMENT

(Common shares)

PERIOD

RECORD DATE

PAYMENT DATE

AMOUNT

Q1 2022

03/31/2022

04/15/2022

$0.180

CONTACT

TRANSFER AGENT - COMPUTERSHARE (CANADA)

T 1-800-564-6253 OR 1 514-982-7555	TORONTO	MONTREAL
F 1-888-453-0330	100 University Ave., 8th Floor,	1500 Robert-Bourassa Blvd,
[e-mail]	North Tower	suite 700
	Toronto ON M5J 2Y1	Montreal QC H3A 3S8

INNERGEX HEAD OFFICE

1225 Saint-Charles Street West, 10th floor Longueuil QC J4K 0B9

Tel. : [phone]

REGIONAL OFFICES

Lyon, France | San Diego, U.S.

Vancouver, Canada | Santiago, Chile

[e-mail]

innergex.com