Ms. Monique Mercier reports

SECOND LEADING INDEPENDENT PROXY ADVISER RECOMMENDS INNERGEX SHAREHOLDERS VOTE FOR THE ARRANGEMENT WITH CDPQ; GLASS LEWIS CITES "SIGNIFICANT PREMIUM" AND CRYSTALLIZING HIGHEST VALUE IN NEARLY 2 YEARS AS RATIONALE IN RECOMMENDING INNERGEX COMMON SHAREHOLDERS SUPPORT THE ARRANGEMENT

Innergex Renewable Energy Inc. is pleased that a second leading independent proxy adviser, Glass Lewis & Co., has issued recommendations that common shareholders of Innergex vote in favour of the previously announced plan of arrangement involving the corporation and CDPQ at the annual and special meeting of shareholders of the corporation to be held on May 1, 2025, at 4 p.m. (Eastern Daylight Time) by live webcast. Under the terms of the arrangement, Innergex common shareholders will receive $13.75 for each common share of Innergex owned (other than those already held by CDPQ and its affiliates and the shares to be rolled over by certain members of senior management).

"We are pleased to see Glass Lewis agree with the special committee and the board of directors of the corporation that the arrangement is the most compelling alternative for Innergex," said Monique Mercier, chair of the board of directors of Innergex and chair of the special committee. "The endorsements of both ISS and Glass Lewis represent important, independent recognition of the exceptional value to be realized by shareholders of the corporation under the arrangement."

Glass Lewis is an independent proxy adviser to institutional investors, covering 30,000 shareholder meetings each year, across approximately 100 global markets. Their customers include the majority of the world's largest pension plans, mutual funds and asset managers who collectively manage over $40-trillion in assets.

ISS reissues report to add endorsement of the Series A preferred shareholders' arrangement resolution

The Glass Lewis advisory report follows an earlier recommendation from Institutional Shareholder Services Inc. (ISS) that also found that Innergex common shareholders should vote for all items of business (including the arrangement resolution) at the meeting.

ISS has since reissued its report with analysis of the arrangement from the perspective of the holders of cumulative rate reset preferred shares, Series A of Innergex, also finding that Innergex Series A preferred shareholders should vote in favour of the arrangement. Under the terms of the arrangement, Innergex Series A preferred shareholders will receive $25.00 per Series A preferred share in cash (plus all accrued and unpaid dividends and an amount in cash per Series A preferred share equal to the dividends that would have been payable in respect of such share until Jan. 15, 2026, which is the next available redemption date).

Vote now -- voting is both easy and important

The deadline for Innergex common shareholders and Innergex Series A preferred shareholders to submit votes by proxy is Tuesday, April 29, 2025, at 4 p.m. (Eastern Daylight Time). The corporation has mailed the meeting materials to Innergex shareholders, which documents are also available on the SEDAR+ profile of Innergex and on Innergex's website.

Shareholder questions and voting assistance

Innergex shareholders who have questions or need assistance in voting should contact Laurel Hill Advisory Group by telephone at 1-877-452-7184 (North American toll-free) or 1-416-304-0211 (outside North America), or by e-mail at assistance@laurelhill.com.

About Innergex Renewable Energy Inc.

For 35 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. 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.

We seek Safe Harbor.