Innergex's Boswell Springs Wind Farm Reaches Commercial Operation

Innergex Renewable Energy Inc. (TSX: INE) has announced that its Boswell Springs wind farm, located in Wyoming, USA, has reached commercial operation on December 31, 2024. This significant milestone marks the beginning of operations for the wind farm, which will deliver clean electricity to the grid under a long-term power purchase agreement (PPA) with PacifiCorp.

The Boswell Springs Wind Farm is a 330 MW project that will generate approximately 1,160 gigawatt-hours of electricity annually, enough to power the equivalent of 113,000 Wyoming households. The project is located on privately held land, primarily used for cattle ranching, and will consist of approximately 100 wind turbine generators and related interconnection facilities.



Innergex has signed a 30-year, 320 MW busbar PPA with PacifiCorp, one of the lowest-cost electrical providers in the United States, serving more than 2 million customers in six western states. The electricity produced by the wind farm will be transported to its interconnection point through a newly constructed 34.5 miles 230 kV generation-tie line built by Innergex.

The project is expected to contribute significantly to Innergex's free cash flow per share and payout ratio, providing long-term revenue certainty with a high-quality, well-capitalized utility. The financing and tax equity investment process for the project is progressing well, with on-site construction activities ramping up in Q2 2023.

Michel Letellier, President and Chief Executive Officer of Innergex, stated, "We are proud to see the Boswell Springs Wind Farm reach commercial operation and begin delivering renewable energy. This achievement reflects the hard work of our teams and partners who were committed to delivering this accretive project."

The Boswell Springs Wind Project is expected to make major direct and indirect contributions to the local community over its 30-year lifespan. These contributions include approximately $79M in Property Tax, $34M in Wind Generation Tax, and at least $19M in Sales and Use Tax. Additionally, the project is expected to create 150-200 full-time equivalent jobs during construction and approximately 10 full-time employees during operations.

Innergex is committed to being a good neighbor and having a good relationship with the community. The company aims to maximize local benefits by giving preference to hiring local people, consultants, businesses, and contractors. Over the life of the project, Boswell Springs will make major direct and indirect contributions to the local community, supporting local schools, health districts, conservation districts, and other county facilities and tax districts.

In conclusion, the commercial operation of Innergex's Boswell Springs Wind Farm is a significant milestone for the company and the renewable energy industry. The project is expected to contribute to Innergex's long-term revenue stability and payout ratio, while also providing substantial benefits to the local community. As Innergex continues to develop and operate high-quality, environmentally responsible, and socially acceptable renewable energy projects, the company remains committed to promoting healthier communities and creating shared prosperity.