Innergex increases Q1 revenue despite challenging weather

Canada’s Innergex Renewable Energy Inc (TSE:INE) on Tuesday said it managed to increase its revenues and Production Tax Credits (PTCs) by 5% to CAD 218.3 million (USD 163m/EUR 148.7m) in the first quarter of 2023 as acquisitions helped to offset unfavourable weather impact.

Production inched up to 2,312,655 MWh from 2,304,600 MWh in the same quarter of 2022.

The company experienced negative weather conditions, especially at its hydro facilities in British Columbia and its wind facilities in Quebec. It saw a positive effect from the recent acquisition of a 60-MW solar portfolio in Ontario and the acquisition last year of the Aela wind facilities in Chile.

Operating profit declined to CAD 65.5 million from CAD 69.3 million, while adjusted net loss widened to CAD 13.9 million from CAD 2.3 million, in part due to an increase in finance costs.

Innergex said Canada will remain a core market for the company. It sees a promising outlook there, especially with the Canadian government's announcement to provide over CAD 48 billion in support for clean electricity through investment tax credits (ITCs), options for low-cost financing and targeted investments and programmes.

(CAD 1 = USD 0.747/EUR 0.681)

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