Mr. Michel Letellier reports

INNERGEX Q3 2023 BATTERY STORAGE FACILITY COMMISSIONED AND TWO FUNDING INITIATIVES COMPLETED

Innergex Renewable Energy Inc. has provided an update on its financing initiatives, its development activities, and its operating and financial results for the third quarter ended Sept. 30, 2023.

"Our team's focus on execution is reflected in our ability to close funding initiatives, bring projects to commercial operation and advance solid potential projects. With the closing of both the tax equity financing for the Boswell Springs project and the partnership with Credit Agricole Assurances in France, we are well positioned to continue to invest in greenfield development across our markets," said Michel Letellier, President and Chief Executive Officer of Innergex. "We remain efficient in both operating our facilities and growing our business. We continue to adapt and improve our approach to develop sustainable, secure and financially-sound projects to maximize our returns. The energy transition is supported more evidently every day translating into massive opportunities for Innergex. Our team continues to develop proactively projects to not only seize but create the opportunities that will strengthen our position as a leader in the renewable energy sector."

The Corporation executed the commissioning of its Salvador battery storage project. The Corporation also executed on two of its funding initiatives: the closing of a US$322.7 million ($441.6 million) tax equity commitment for its Boswell Springs wind facility and the completion of its partnership agreement with Credit Agricole Assurances for a 30% minority interest in Innergex's portfolio in France, representing a euros129.5 million ($188.8 million) investment.

The Salvador battery energy storage project was commissioned in October 2023, generating revenues from the sale of energy. It is expected to be receiving capacity payments towards the end of the year. An official inauguration event took place on site with several Chilean government representatives. The Innavik hydro project started delivering power to the Inuit community of Inukjuak, Nunavik, Quebec, while commissioning activities are ongoing. The San Andres battery storage project is also advancing, the interconnection was completed and the commissioning should begin by the end of the year. At Boswell Springs, the construction activities are ahead of schedule, while the site will be closing in the coming days for the winter season. In Hawaii, the Hale Kuawehi amended PPA, with a 56% rate increase, executed with HECO was approved by the Public Utility Commission and construction activities are progressing.

PROSPECTIVE AND DEVELOPMENT PROJECTS

Regarding the Corporation's portfolio of prospective projects, growth continues in all regions. The Canadian market development team participated in the 1,500 MW request for proposals ("RFP") of Hydro-Quebec. Two projects for a total of 400 MW were proposed. Retained projects are expected to be announced in the coming months. Development activities in Canada have accelerated with many provinces announcing their intention to secure renewable electricity in the months to come. The US market also presents attractive opportunities and significant progress were made with promising greenfield projects. In Chile, Innergex submitted an offer in the RFP launched by Codelco, the main Chilean mining company, for a total of 250 GWh per year of renewable energy production, from 2026 to 2040. In France, the team continues to move projects forward through the administrative and social acceptance stages and to initiate new potential wind and solar projects. During the quarter, 587 MW of new prospective projects were added to the Corporation's portfolio.

FUNDING INITIATIVES

Innergex closed a US$322.7 million ($441.6 million) tax equity commitment ("Upfront Investment") with J.P. Morgan and Capital One (the "Tax Equity Investors") for the 329.8 MW Boswell Springs Wind Project located in Wyoming, United States. The Tax Equity Investors have committed to fund the Upfront Investment at substantial completion and to make cash payments as production tax credits are generated ("PAY-GO") over a 10-year period.

Innergex and Credit Agricole Assurances, in collaboration with Credit Agricole Centre-Est, have concluded their 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 ($188.8 million) investment. The proceeds were used to reduce Innergex's revolving credit facilities and will fund the Corporation's development activities over the coming years.

The Corporation made significant progress with the financing of three unlevered Canadian hydro assets and still expects it to be completed by the end of the year. The targeted proceeds from this financing could total approximately $170 million.

The Corporation also intends to finance another three unlevered Canadian hydro assets in 2024 for an additional approximate amount of $80 million.

FINANCIAL HIGHLIGHTS

The lower water flows in British Columbia, which suffered from an extremely dry summer, and the lower wind regimes in Quebec impacted the overall production of the Corporation, which reached 88% of the long-term average. Had production levels been equal to their long-term average for these two specific items during the three and nine months period ended on September 30, 2023, revenues could have been higher by approximately $30.5 million and $60.3 million, respectively. The recent acquisition of the three Sault Ste. Marie solar facilities in Ontario and overall performance of the other assets in Innergex's portfolio contributed to partly offset the effect of these unusual weather events.

On January 1, 2023, the Corporation amended the presentation of its consolidated statements of earnings (refer to Section 7- Significant Accounting Policies of the Management's Discussion and Analysis for the three- and nine- months ended September 30, 2023 ("MD&A") for more information). Concurrently, certain Non-IFRS measures have been amended (refer to Section 5- Non-IFRS Measures of the MD&A for more information).

OPERATING PERFORMANCE

THREE-MONTH PERIOD ENDED SEPTEMBER 30, 2023

(compared with the same period last year unless otherwise indicated)

Production for the three-month period ended September 30, 2023, was 88% of LTA. Innergex's share of production of joint ventures and associates1 was 87% of LTA, translating into a Production Proportionate1 at 88% of LTA.

Revenues and Production Tax Credits ("PTCs") were up 9% at $292.2 million.

Main contributors:

• The Sault Ste. Marie Acquisition, closed on March 9, 2023;
• Higher production at the Curtis Palmer facilities in the United States;
• Favourable pricing at the Phoebe and Foard City facilities in the United States;
• Higher production at the wind facilities in Chile, the United States and France; and
• Higher revenues from new PPAs at wind facilities in France.

Main offsets:

• Lower production at the hydro facilities in British Columbia;
• Lower production at the Quebec wind facilities; and
• Unfavourable pricing at the hydro facilities in Chile and the Griffin Trail facility in the United States.

Revenues and PTCs Proportionate 1 were up 7% at $316.8 million compared to the same period last year.

NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2023

(compared with the same period last year unless otherwise indicated)

Production for the nine-month period ended September 30, 2023, was 88% of LTA. Innergex's share of production of joint ventures and associates1 was 96% of LTA, translating into a Production Proportionate1 at 89% of LTA.

Revenues and Production Tax Credits ("PTCs") were up 9% at $780.0 million.

Main contributors:

• The Aela and Sault Ste. Marie acquisitions;
• Higher production at the Curtis Palmer hydro facilities;
• Favourable pricing at the Foard City facility;
• Higher wind regimes and revenues from new PPAs at wind facilities in France;
• Higher selling prices at the Phoebe and Hillcrest solar facilities.

Main offsets:

• Lower production at the wind facilities in Quebec;
• The BC Hydro Curtailment Payment recorded in Q1 2022;
• Lower production at the hydro facilities in British Columbia;
• Lower production and unfavourable pricing at the Griffin Trail facility; and
• Unfavourable pricing at the hydro facilities in Chile.

Revenues and PTCs Proportionate 1 were up 8% at $826.4 million compared to the same period last year.

CASH FLOW FROM OPERATING ACTIVITIES, FREE CASH FLOW3 AND PAYOUT RATIO3

THREE-MONTH PERIOD ENDED SEPTEMBER 30, 2023

(compared with the same period last year unless otherwise indicated)

Cash flows from operating activities decreased at $103.0 million, compared with $184.1 million.

Main contributor:

• The realized gain on the settlement of the interest rate swaps as part of Innergex's refinancing of the non-recourse debt of its Chilean facilities in Q3 2022; and
• The decrease of the non-cash working capital mainly related to timing.

Main offsets:

• The decrease in finance costs paid, stemming mainly from the timing of interest payments for certain project loans and the interest paid upon refinancing of the former non-recourse debt in Chile in 2022, while the interest on the Chile Green Bonds is payable biannually in June and December.

NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2023

(compared with the same period last year unless otherwise indicated)

Cash flows from operating activities decreased at $217.5 million, compared with $336.6 million.

Main contributor:

• The realized gain on the settlement of the interest rate swaps as part of Innergex's refinancing of the non-recourse debt of its Chilean facilities in Q3 2022; and
• the increase in finance costs paid, stemming mainly from the Chile Green Bonds, the Sault Ste. Marie Acquisition and the timing of interest payments for certain project and corporate loans.

TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2023

(compared with the same period last year unless otherwise indicated)

Free Cash Flow2 decreased at $121.2 million, compared with $186.3 million.

Main contributors:

• A decrease in cash flows from operating activities before changes in non-cash operating working capital items stemming from the exceptionally low production in British Columbia in Q4 2022 and Q1 2023 due to drier weather, lower wind regimes for the wind facilities in Quebec, and the BC Hydro Curtailment Payment received in Q1 2022;
• An increase in the interest paid mainly stemming from the refinancing of the non-recourse debt in Chile in Q3 2022 following the Aela Acquisition, and from the recent Sault Ste. Marie, Mountain Air and French acquisitions; and
• An increase in maintenance capital expenditures mainly stemming from the recent acquisitions, from the recent weather-related damages at the Foard City facility, and from major component replacements at the wind facilities in Quebec.

Main offsets:

• The contribution to cash flows from operating activities before changes in non-cash operating working capital items from the Aela, Curtis Palmer and Sault Ste. Marie acquisitions;
• The increase in average merchant prices on certain USA and Chilean facilities; and
• A decrease in Free Cash Flow attributed to non-controlling interests of the British Columbia hydro facilities, following exceptionally low production in British Columbia in Q4 2022 and Q1 2023, partly offset by an increase attributed to the Curtis Palmer Acquisition.

Payout Ratio2

For the trailing twelve months ended September 30, 2023, the dividends on common shares declared by the Corporation amounted to 121% of Free Cash Flow2 compared with 78% for the corresponding period last year.

Had production levels been equal to their long-term average during the trailing twelve months ended September 30, 2023, Free Cash Flow and Payout Ratio would have been in a range of $180 million to $195 million and 75% to 82%, respectively.

SUBSEQUENT EVENTS

On October 19, 2023, the Corporation has closed a US$322.7 million ($441.6 million) tax equity commitment for the Boswell Springs wind project. The proceeds will be received at substantial completion of the construction of the project and used to repay the tax equity bridge loan previously concluded.

On October 26, 2023, the Corporation has completed the long-term partnership with Credit Agricole Assurances, in connection with Credit Agricole Centre-Est, for a 30% minority interest in Innergex's portfolio in France, representing a euros129.5 million ($188.8 million) investment. The proceeds were used to reduce Innergex's revolving credit facilities and will fund the Corporation's development activities over the coming years.

DIVIDEND DECLARATION

The following dividends will be paid by the Corporation on January 15, 2024:

ADDITIONAL INFORMATION

Innergex's 2023 third quarter condensed interim consolidated financial statements, the notes thereto and the Management's Discussion and Analysis can be obtained on SEDAR+ and in the "Investors" section of the Corporation's website.

CONFERENCE CALL AND WEBCAST

The Corporation will hold a conference call and webcast on Thursday, November 9, 2023 at 9 AM (EST). Investors and financial analysts are invited to access the conference by dialing 1 888 390-0605 or 416 764-8609 or the Corporation's website. Journalists, as well as the public, can access this conference call via a listen mode only. A replay of the conference call will be available after the event on the Corporation's website.

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 citizen 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 86 operating facilities with an aggregate net installed capacity of 3,580 MW (gross 4,226 MW) and an energy storage capacity of 409 MWh, including 40 hydroelectric facilities, 35 wind facilities, 9 solar facilities and 2 battery energy storage facilities. Innergex also holds interests in 12 projects under development with a net installed capacity of 747 MW (gross 849 MW) and an energy storage capacity of 355 MWh, 4 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 9,939 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.

We seek Safe Harbor.