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LONGUEUIL, Quebec, January 26, 2024 – The Innu Council of Pessamit, Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”), and the regional county municipality of Manicouagan (“RCM of Manicouagan”) are pleased to announce that their 300 MW Manicouagan wind project has been selected in Hydro-Québec’s request for proposals.
“Over the past few months, we have developed a relationship based on trust and mutual respect with Innergex, and we are extremely pleased to enter into a partnership with them to carry out a renewable energy project on the Nitassinan,” said Marielle Vachon, Chief of the Innu First Nation of Pessamit. “This project, in which the Innu First Nation of Pessamit will have a majority shareholding, is in line with our First Nation’s traditional values and the principles of the United Nations Declaration on the Rights of Indigenous Peoples, and will be carried out in a way that respects our ancestral rights and culture, and promotes the economic development of our community.”
“We are very proud of the collaborative nature of this project in partnership with the Innu Council of Pessamit and the RCM of Manicouagan,” said Michel Letellier, President and Chief Executive Officer of Innergex. “I would like to congratulate the Innu Council of Pessamit for its leadership, determination and collaboration with the RCM of Manicouagan and Innergex that led to this success. Building long-term relationships with Indigenous and local communities has been at the heart of our development strategy for over 30 years. As we continue our diversification efforts, Quebec continues to represent a market of choice for our growth, and our team is actively working to design competitive and profitable community projects.”
“The Manicouagan RCM has been the cradle of major pioneering projects in renewable energy production since the early days of Quebec’s great hydroelectric history and is proud to be among the visionaries who are now investing in wind power in order to offer the best to future generations,” said Marcel Furlong, elected prefect of the RCM of Manicouagan. “We are even more delighted that the foundations of this project are based on a solid and lasting partnership with the Innu community of Pessamit, a partnership
that is unconditional for the elected officials, in order to consent to the development of wind energy in Manicouagan. The considerable economic benefits generated by this wind facility will directly benefit our local communities and the development of Manicouagan for decades to come.”
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 present and future generations.
Commercial operation is scheduled for 2029, and the power purchase agreement with Hydro-Québec (S&P credit rating: AA-) is expected to be structured as a 30-year take-or-pay contract, indexed to a predefined percentage of the Consumer Price Index (“CPI”). Once commissioned, the project will generate enough electricity to meet the energy needs of around 60,000 homes.
Interconnection and collector system costs will be reimbursed by Hydro-Québec when the facility is commissioned.
The project is subject to the execution of contracts with Hydro-Québec and suppliers, and to the successful completion of permit application processes and regulatory requirements.
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