Ms. Karine Vachon reports

INNERGEX ANNOUNCES IT WILL PROCEED WITH A NORMAL COURSE ISSUER BID FOR ITS COMMON SHARES

Innergex Renewable Energy Inc. has received approval from the Toronto Stock Exchange (TSX) to proceed with its normal course issuer bid on its common shares.

Under the bid, the corporation may purchase for cancellation as shown in the attached table.

The bid will commence on Feb. 26, 2024, and will terminate on Feb. 25, 2025.

During the last six months, the average daily trading volume on the TSX of the corporation's common shares was 606,990. Consequently, in accordance with the policies of the TSX, the corporation will have the right to repurchase, during anyone trading day, a maximum of 151,747 common shares, representing 25 per cent of the average daily trading volume. In addition, the corporation will be allowed to make, once per calendar week, a block purchase (as defined in the TSX Company Manual) of common shares not directly or indirectly owned by insiders of the corporation, in accordance with the policies of the TSX.

Purchases will be made on behalf of the corporation by a registered broker through the facilities of the TSX or through Canadian alternative trading systems at prevailing market prices.

The corporation believes that the market price of its common shares may, from time to time, not reflect the inherent value of the corporation and that purchases of its common shares pursuant to the bid, may represent an appropriate and desirable use of the corporation's funds. Therefore, the corporation believes that it is in its best interest to proceed with this bid. The corporation has not purchased any common shares within the past 12 months.

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 87 operating facilities with an aggregate net installed capacity of 3,600 megawatts (gross 4,234 MW) and an energy storage capacity of 409 MWh (megawatt-hours), including 41 hydroelectric facilities, 35 wind facilities, nine solar facilities and two battery energy storage facilities. Innergex also holds interests in 10 projects under development with a net installed capacity of 728 MW (gross 826 MW) and an energy storage capacity of 295 MWh, four of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totalling 10,071 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital.

We seek Safe Harbor.