Mr. Jean Trudel reports

INNERGEX COMPLETES ITS PARTNERSHIP WITH CREDIT AGRICOLE ASSURANCES IN FRANCE

Innergex Renewable Energy Inc. and Credit Agricole Assurances, in connection with Credit Agricole Centre-Est, have completed the previously announced long-term partnership. The partnership allows Credit Agricole Assurances to gain a 30% minority interest in Innergex's portfolio in France, representing a euros129.5 million (CAN$188.8 million) investment. The proceeds are used to reduce Innergex's revolving credit facilities and to fund the Corporation's development activities over the coming years.

The long-term co-investment agreement with France's leading insurer will support Innergex's development strategy and growth in France by providing additional equity commitment for the development and financing of ongoing projects at various stages of development.

Michel Letellier, President and Chief Executive Officer of Innergex, said: "We are excited to have found with Credit Agricole Assurances a partner as committed as we are to support the French administration in their energy transition endeavours. As we embark on this journey with Credit Agricole Assurances, we look forward to exploring possible synergies in both development initiatives and community engagement. As Innergex's growth will continue to be driven primarily by greenfield development, this partnership is one of our solutions aiming at creating more liquidity to fund our growth."

Philippe Dumont, CEO of Credit Agricole Assurances, said: "We're proud to announce this new partnership in favour of the energy transition. This investment in Innergex France, a high-potential French renewable platform and a subsidiary of a leading pure play renewable group with a proven track record, is fully in line with Credit Agricole Group's climate commitments. This operation will also contribute to Credit Agricole Assurances' objectives to increase its investments in renewable energies and reach a 14 GW installed capacity by 2025."

The partnership between Innergex and Credit Agricole Assurances was announced on August 7, 2023, subjected to customary closing conditions.

Transaction highlights

Investment of euros129.5 million (CAN$188.8 million) by Credit Agricole Assurances

Proceeds from Credit Agricole Assurances will be used to reduce Innergex's revolving credit facilities and to fund the Corporation's development activities over the coming years

17 operating assets totalling 324 MW of wind energy and 9 MW / 9 MWh of storage capacity, as well as a large portfolio of projects at various stages of development

Existing energy production of 691 GWh per year

Enterprise value of Innergex France estimated at euros715.2 million (CAN$1,042.4 million) including euros22.2 million (CAN$32.4 million) of cash on hand

Innergex's team will continue to lead the management of the entire value chain from development to construction and operation

About Innergex Renewable Energy Inc.

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada's best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 85 operating facilities with an aggregate net installed capacity of 3,579 MW (gross 4,226 MW) and an energy storage capacity of 159 MWh, including 40 hydroelectric facilities, 35 wind facilities, 9 solar facilities and 1 battery energy storage facility. Innergex also holds interests in 13 projects under development with a net installed capacity of 747 MW (gross 849 MW) and an energy storage capacity of 605 MWh, 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totalling 9,352 MW. Its approach to building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend.