Innergex Awarded 350 GWh per year in Codelco’s Request for Proposals, Solidifying its Position as Leader in Chile



Selection from Chile’s largest mining company, marking a pivotal moment in Innergex’s trajectory by attracting interest from top-tier offtakers.
Secured revenues over a 15-year period, backed by our portfolio of multi-technology renewable projects and assets for a de-risked approach.
The contract secures long-term stable revenues for the portfolio, extending overall contracted and cash flow profile while providing optionality to build additional capacity.

LONGUEUIL, QC, March 1, 2024 /CNW/ – Innergex Renewable Energy Inc. (TSX:INE) (“Innergex” or the “Corporation”) is pleased to announce it has been awarded 350 GWh per year in Codelco’s latest request for proposals in Chile, reaffirming its status as a leading renewable energy provider in the country. Under the terms of the agreement, Innergex will supply Codelco (S&P: BBB+) with clean energy produced by its portfolio of assets and projects under development from 2026 to 2040.

“Securing a large-scale power purchase agreement like this one underscores Innergex’s reputation as a leading provider of sustainable energy solutions in Chile,” said Michel Letellier, President and Chief Executive Officer of Innergex. “With the robust and diversified portfolio we have diligently cultivated over the years, we are now well positioned to engage with premier offtakers, including the largest copper producer in the world. As the demand for clean energy continues to rise, Innergex remains dedicated to delivering innovative solutions that support sustainable development and contribute to greening the mining industry.”

The long-term nature of the power purchase agreement further enhances the quality and resilience of Innergex’s cash flows. By securing revenues for the equivalent of 135 MW of wind and solar capacity in Chile, this agreement directly contributes to the targeted growth of Innergex.

With 705 MW of installed capacity in Chile, including 50 MW of complementary battery storage, and approximately 620 MW of projects at different stages of development, Innergex develops, owns and operates one of the largest pure play renewable energy portfolios in the country. Its fully diversified portfolio of …

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