Innergex Reports Strong Q4 and Full Year 2024 Results, Targets Growth in 2025

Innergex Renewable Energy Inc. (TSX: INE), a leading global independent renewable power producer, reported robust financial results for the fourth quarter and fiscal year ended December 31, 2024. The company's strong execution, strategic growth, and commitment to delivering results have positioned it for long-term success in Canada and the United States.

Q4 2024 and Full Year 2024 Highlights

* Secured 560 MW in BC Hydro's call for power in British Columbia, reinforcing Innergex's leadership role in renewable energy and positioning it for long-term success in Canada.
* Successfully commissioned the 330 MW Boswell Springs wind farm in Wyoming, underscoring Innergex's ability to execute efficiently on large-scale projects.
* Advanced five projects totaling 180 MW to the construction phase, demonstrating the company's strong project pipeline and growth prospects.
* Strengthened financial position with approximately $450 million in financings to support growth, enabling Innergex to invest in new projects and maintain its strong financial performance.
* Met 2024 financial guidance for Adjusted EBITDA Proportionate and exceeded guidance for Free Cash Flow per share, demonstrating Innergex's disciplined approach and ability to turn commitments into reality.

Q4 2024 Financial Results

* Adjusted EBITDA Proportionate reached $210.0 million, up 13% compared to Q4 2023, reflecting Innergex's strong performance and growth.
* Free Cash Flow per Share at $1.06 for the year ended December 31, 2024, exceeding the company's guidance and demonstrating its ability to generate cash flow and create value for shareholders.

2025 Targets

* Full year 2025 Adjusted EBITDA Proportionate is targeted to be in the range of $825.0 million to $875.0 million, reflecting Innergex's confidence in its growth prospects and ability to execute on its strategic initiatives.
* Full year 2025 Free Cash Flow per share is targeted to be in the range of $0.75 to $0.95, indicating the company's commitment to generating cash flow and returning value to shareholders.

Innergex's strong performance in 2024, driven by its strategic execution and growth initiatives, positions the company well for future developments in Canada and the United States. The company's self-funded growth strategy enables it to scale efficiently while creating value, and its ability to secure new contracts and advance projects in the pipeline further strengthens its position in the renewable energy market.

In conclusion, Innergex's robust financial results for the fourth quarter and full year 2024, coupled with its strategic execution and growth initiatives, position the company for long-term success in Canada and the United States. With a strong pipeline of projects and a commitment to generating cash flow and returning value to shareholders, Innergex is well-positioned to achieve its 2025 targets and continue its momentum in the renewable energy sector.