Mr. Michel Letellier reports

INNERGEX, THE RCM OF LOTBINIERE AND THE ABENAKI COUNCILS OF ODANAK AND WOLINAK SIGN 30-YEAR POWER PURCHASE AGREEMENT WITH HYDRO-QUEBEC

Innergex Renewable Energy Inc., the Regional County Municipality of Lotbiniere (RCM of Lotbiniere), and the Abenaki Councils of Odanak and Wolinak have signed a 30-year power purchase agreement with Hydro-Quebec (S&P credit rating: AA minus) for the electricity to be generated by the 100-megawatt community wind power project.

"The signing of this long-term contract with Hydro-Quebec marks a significant milestone in the project's progress. By producing reliable, competitively priced wind energy, we will contribute to strengthening the stability of the power grid while meeting Quebec's growing energy needs. This agreement underscores our determination to support the ambitions of Canadian utilities in the energy transition while guaranteeing ongoing revenues for our project," said Michel Letellier, president and chief executive officer of Innergex.

"The signing of the power purchase agreement with Hydro-Quebec marks the culmination of a long administrative process conducted in concert with our partners and sets in motion the actual development of the project by ensuring with the community that it is socially acceptable, both to the citizens and to the various organizations and associations concerned, all in order to meet the growing demand for renewable energy," said Daniel Turcotte, Prefect of the RCM of Lotbiniere.

"We are pleased to see the progress of our project, which is important for the prosperity of future generations and which also recognizes our role as guardians of the Ndakina, our ancestral territory. We will continue to be involved to ensure territorial development that respects our values and traditions," said Rick O'Bomsawin, Chief of the Abenaki Council of Odanak.

"I'm very proud to see our project reach this important milestone. It allows us to look forward to significant economic benefits for the W8banaki Nation and the continuation of a fruitful collaboration with our partners at Innergex and the RCM of Lotbiniere towards a sustainable and inclusive energy transition," said Michel R. Bernard, Chief of the Abenaki Council of Wolinak.

The long-term power purchase agreement is structured as a take-or-pay contract, indexed to a predefined percentage of the consumer price index (CPI), ensuring financial stability and protection against inflation.

On Jan. 26, 2024, the Lotbiniere Ndakina wind project was selected in Hydro-Quebec's call for tenders. Upon commercial commissioning, scheduled in late 2028, the project will generate enough electricity to power the equivalent of 20,000 households.

Construction of the Lotbiniere Ndakina wind project will require the creation of around 200 jobs and will involve the participation of local and regional businesses. Long-term, permanent, skilled jobs will also be created during the operating period.

Interconnection and collector system costs will be reimbursed by Hydro-Quebec when the facility is commissioned.

The project is subject to the execution of contracts with suppliers and to the successful completion of permit application processes and regulatory requirements.

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 that 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 megawatts) and an energy storage capacity of 409 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 megawatts (gross 826 megawatts) and an energy storage capacity of 295 megawatt-hours, 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 megawatts. 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.