Canadian power producer Innergex Renewable Energy Inc (TSE:INE) halved its net loss in 2022 to CAD 91.1 million (USD 67.4m/EUR 63.4m) from CAD 185.4 million a year back as revenues rose by 26% on the year.
The Quebec-based company said on Wednesday that the improvement reflects the growth in the operating performance of its hydro, wind and solar segments. Additionally, the year-ago bottom-line result included CAD 112.6 million in impairments related to the company’s share of loss of the Flat Top and Shannon joint venture facilities, which were sold after February 2021.
Innergex’s net loss on an adjusted basis came at CAD 34.9 million, expanding from a deficit of CAD 7 million in 2021.
At CAD 870.5 million, revenues gained 26% thanks to Innergex’s Chilean wind purchase from Aela, the full ownership of Energia Llaima in Chile, and the acquisition of a hydroelectric portfolio in New York. The commissioning of new power generation capacity and higher selling prices also had a positive effect on revenues.
In the meantime, operating, general, administrative and prospective project expenses rose by 29% after Innergex’s Chilean purchase from Aela and other acquisitions plus higher maintenance costs at some facilities in British Columbia.
More details are available in the table.
| Amounts in CAD million, unless otherwise noted |
2022 |
2021 |
| Production (MWh) |
10,254,005 |
9,055,215 |
| Revenues |
870.5 |
747.2 |
| Operating, general, administrative and prospective projects expense |
285.6 |
221.6 |
| Adjusted EBITDA |
584.9 |
525.6 |
| Net earnings (loss) |
(91.1) |
(185.4) |
| Adjusted net earnings (loss) |
(34.9) |
(7) |
“More than ever, we remain committed in our strategy to create long-term, sustainable wealth by continuing to follow our four objectives to grow responsibly, build expertise, optimize operations, and diversify activities,” said Michel Letellier, president and CEO of Innergex.
Innergex closed 2022 with a 3.63-GW net portfolio of hydro, wind and solar assets in the US, Canada, France and Chile, along with 159 MWh of energy storage capacity. It also has 79 projects with a combined capacity of 8.7 GW in the pipeline.
(CAD 1.0 = USD 0.739/EUR 0.696)
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Mesgi’g Ugju’s’n wind farm. Image by www.muwindfarm.com
