Innergex returns to Q3 profit as revenues grow

Canadian power producer Innergex Renewable Energy Inc (TSE:INE) on Monday reported returning to a third-quarter net profit of CAD 21 million (USD 15.54m/EUR 15.53m) from a loss of CAD 23.5 million a year earlier, mainly thanks to increased power production and revenues.

The Canadian company attributed the improvement in its bottom line performance to a higher contribution from its hydro, wind and solar segments, a favourable change in the fair value of financial instruments, lower impairment charges on its Phoebe solar plant and a minority equity investment in France, as well as a decrease in income tax expenses. The positive effects were partly offset by factors including a drop in other net income and higher finance costs.

Revenues gained 40% in annual terms, helped by higher selling prices at the Phoebe solar facility in Texas and the contribution of assets acquired in 2021 and 2022. Meanwhile, operating, general, administrative and prospective project expenses were up 24% following the Chilean purchase and other acquisitions, and higher maintenance expenses at some facilities in British Columbia.

More details about the company’s performance are given in the table below.

"We continue to advance our portfolio of prospective and development projects which will contribute to successfully reaching our growth and financial targets,” said president and CEO Michel Letellier.

At the end of September, Innergex had a portfolio of hydro, wind and solar assets in the US, Canada, France and Chile totalling almost 3.6 GW, plus 159 MWh of energy storage capacity.

(CAD 1.0 = USD 0.740/EUR 0.740)

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