Mr. Jean Trudel reports

INNERGEX RENEWABLE ENERGY ANNOUNCES $85 MILLION OFFERING OF CUMULATIVE RATE RESET PREFERRED SHARES

Innergex Renewable Energy Inc. will issue 3.4 million cumulative rate-reset preferred shares, Series A, for aggregate gross proceeds of $85-million on a bought-deal basis to a syndicate of underwriters led by BMO Capital Markets and TD Securities Inc.

The Series A preferred shares will pay cumulative dividends of $1.25 per share per annum, yielding 5.00 per cent per annum, payable quarterly, for the initial five-year period ending Jan. 15, 2016. The dividend rate will be reset on Jan. 15, 2016, and every five years thereafter at a rate equal to the five-year government of Canada bond yield plus 2.79 per cent. The Series A preferred shares will be redeemable by Innergex on or after Jan. 15, 2016, in accordance with their terms.

Holders of the Series A preferred shares will have the right, at their option, to convert their shares into cumulative floating-rate preferred shares, Series B, subject to certain conditions, on Jan. 15, 2016, and on Jan. 15 every five years thereafter. Holders of the Series B preferred shares will be entitled to receive cumulative quarterly floating dividends at a rate equal to the three-month government of Canada treasury bill yield plus 2.79 per cent.

As stated by Michel Letellier, president and chief executive officer of Innergex, "With this transaction, Innergex's capital structure is more diversified and will appeal to a broader investor base." Net proceeds resulting from the sale of the Series A preferred shares will be used by Innergex to enhance its financial flexibility and to reduce indebtedness and for general corporate purposes.

The Series A preferred shares will be offered for sale to the public in each of the provinces of Canada, pursuant to a short form prospectus of Innergex to be filed with Canadian securities regulatory authorities in all Canadian provinces. The offering is scheduled to close on or about Sept. 14, 2010, subject to certain conditions, including obtaining all necessary regulatory approvals.

Furthermore, Innergex will be filing a revised annual information form, which takes into account the previously completed combination of the corporation with Innergex Power Income Fund.