Innergex Renewable Energy revenue up 37% year on year
Canadian energy company Innergex Renewable Energy has seen its revenue rise to $113mn for Q2 2018, marking a 37% increase from the same period a year previously.
Innergex Renewable Energy was founded in 1990 and owns hydro, wind and solar facilities in North America. While most of its operations, as well as its headquarters, remain in its home region of Québec, it also has operations in Ontario and British Colombia as well as Idaho, and has recently begun expansion plans for South America.
Currently, Innergex has 28 renewable energy generation facilities, including 22 run-of-river hydro plants, five wind farms and one solar farm.
The company puts its recent success partially down to “facilities recently acquired or commissioned together with improved performance especially at our wind farms in Québec”.
Innergex president and Chief Executive, Michel Letellier, said: “The overall performance of our facilities as well as the addition of our major acquisition achieved in February 2018 are the main contributors to our strong results in the second quarter. We have made several strategic moves since the end of the quarter which will benefit Innergex in the future.
“Our recent acquisition in Québec will contribute significantly to our results while our breakthrough in Chile allows us to enter the South American market and provides us with a platform to pursue our growth in the hydroelectricity sector, an expertise of the Innergex team. We are proud to have already reached our previous objective of 2,000MW by 2020 and we now should reach 2,500MW in the same period.”
The company entered Chile in May of this year, by acquiring two hydro facilities in the country in partnership with Energía Llaima. These total 140MW in capacity and mark the first stage of Innergex’s South American expansion.