- Signature of a 30-year power purchase agreement with Hydro-
Québec for electricity to be generated by the Peshu Napeu community wind project (300 MW) - Partnership between the
Innu Council of Pessamit (39%) andInnergex (38%), with a stake for the RCM of Manicouagan (23%) - Historic agreement for a first renewable energy project with majority participation for the Innu First Nation of Pessamit, providing a path for economic and social development in this community and advancing reconciliation with Indigenous peoples
- Community involvement with significant socio-economic benefits in the RCM of Manicouagan
- Continuous and steady cash flow for 30 years, indexed to inflation
"The realization of this important first milestone demonstrates our determination to achieve energy sovereignty over the Nitassinan," said
"As the first wind project to be majority-owned by the Innu First Nation of Pessamit, we are very proud of the historic nature of the signing of this agreement," said
"The signing of this agreement by our respective communities marks an important milestone, not only in the development of the Peshu Napeu wind project, but also in our shared commitment to energy transition and sustainable development," said
The Peshu Napeu wind farm project is named in tribute to
The long-term power purchase agreement is structured as a 30-year take-or-pay contract, indexed to a predefined percentage of the Consumer Price Index ("CPI") ensuring financial stability and protection against inflation.
On
The project development process is ongoing, and the population will continue to be consulted and kept informed about the project in order to maintain collaboration with communities and ensure the success of this project, which will benefit future generations.
The project is subject to the execution of contracts with suppliers, and to the successful completion of permit application processes and regulatory requirements.
About the
About
For over 30 years,
To learn more, visit innergex.com or connect with us on LinkedIn.
About RCM of Manicouagan
The RCM of Manicouagan is located in the Côte-Nord region, almost 400 km east of
Discover Manicouagan: visit mrcmanicouagan.qc.ca and manicouagan.ca.
Cautionary Statement Regarding Forward-Looking Information
To inform readers of the Corporation's future prospects, this press release contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"), including the power production, prospective projects, successful development, construction and financing (including tax equity funding) of the projects under construction and the advanced-stage prospective projects, sources and impact of funding, execution of non-recourse project-level financing (including the timing and amount thereof), structure of power purchase agreements, business strategy, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as "approximately", "may", "will", "could", "believes", "expects", "intends", "should", "would", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or "forecasts", or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release.
Forward-Looking Information includes future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the Corporation's targeted production, the estimated project size, costs and schedule, including obtainment of permits, start of construction, work conducted and start of commercial operation, and other statements that are not historical facts. Such information is intended to inform readers of the potential financial impact of expected results, of the expected commissioning of Development Projects, of the potential financial impact of completed and future acquisitions and of the Corporation's ability to pay a dividend and to fund its growth. Such information may not be appropriate for other purposes.
Forward-Looking Information is based on certain key assumptions made by the Corporation, including, without restriction, those concerning hydrology, wind regimes and solar irradiation; performance of operating facilities, acquisitions and commissioned projects; availability of capital resources and timely performance by third parties of contractual obligations; favourable economic and financial market conditions; average merchant spot prices consistent with external price curves and internal forecasts; no material changes in the assumed
For more information on the risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the forward-looking information or on the principal assumptions used to derive this information, please refer to the "Forward-Looking Information" section of the Management's Discussion and Analysis for the year ended
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