Mr. Michel Letellier reports

INNERGEX AND MMBC ANNOUNCE CONSTRUCTION FINANCIAL CLOSE OF THE MESGI'G UGJU'S'N 2 WIND PROJECT

Innergex Renewable Energy Inc. and Mi'gmawei Mawiomi Business Corp. (MMBC) have closed the financing for the construction and operation of the 102-megawatt Mesgi'g Ugju's'n 2 wind project. The financing consists in a $163.9-million green loan, an interconnection bridge loan of $41.0-million and a LC facility of $10.2-million with CIBC, Desjardins Group and National Bank of Canada as lenders, joint bookrunners, co-ordinating lead arrangers and green loan co-ordinators. The financing was informed by the green loan principles and the Desjardins Group acted as administrative agent for the senior lenders syndicate.

"We are proud to reach financial close on Mesgi'g Ugju's'n 2 and to continue advancing a project that is deeply rooted in collaboration, sustainability and regional economic impact," said Michel Letellier, president and chief executive officer of Innergex. "We thank MMBC and the Mi'gmaq Communities for their continued trust and partnership. This project is a powerful example of how strong indigenous-led partnerships and clean energy development go hand in hand to generate economic and environmental value."

"This project represents more than megawatts on the grid, it is a testament to Mi'gmaq leadership in the energy transition," said Frederic Vicaire, chief executive officer of MMBC. "Through our equal partnership with Innergex and the support of key financial institutions, we are demonstrating that indigenous-led clean energy projects can be ambitious, innovative and deeply rooted in reconciliation and economic empowerment."

Mesgi'g Ugju's'n 2 is a 102 MW wind project to be located in the MRC d'Avignon and an extension to the existing 150 MW Mesgi'g Ugju's'n wind facility commissioned in 2016. The wind project is the result of a 50-50 renewed partnership between Innergex and the three Mi'gmaq communities in Quebec -- Gesgapegiag, Gespeg and Listuguj -- represented by MMBC.

The project recently obtained the government decree authorizing construction and major contract negotiations have advanced significantly, including the execution of the balance of plant agreement (BOPA) with Borea Construction and the turbine supply agreement (TSA) with Nordex. These key milestones enable the teams to proceed with construction preparation and pave the way for activities to ramp up in the coming months.

Upon its commissioning scheduled in 2026, the electricity to be produced by Mesgi'g Ugju's'n 2 will be sold under a 30-year take-or-pay power purchase agreement indexed to 25-per-cent inflation with Hydro-Quebec.

The project financing includes a subordinated construction loan of $92.5-million and an equity loan of $15.4-million provided by a Canadian financial institution, demonstrating the innovative structuring approach behind this indigenous-led wind project.

Plan A capital, as mandated financial advisor for MMBC, structured and sourced an equity loan from a Canadian financial institution to Mesgi'g Ugju's'n 2 Holding L.P.

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. 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 91 operating facilities with an aggregate net installed capacity of 3,737 megawatts (gross 4,693 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and three battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,547 MW), five of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totalling 10,288 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital.

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