Innergex swings to net loss in Q3

Author: U.S. Army Corps of Engine. License: Creative Commons, Attribution 2.0 Generic.

November 10 (Renewables Now) - Canadian power producer Innergex Renewable Energy Inc (TSE:INE) swung to a net loss of CAD 23.5 million (USD 18.9m/EUR 16.4m) in the third quarter of 2021, against net earnings of CAD 7.5 million a year ago even as revenues increased.

Revenues rose 13% year-over-year to CAD 184.6 million, while revenues proportionate were up 4% to CAD 222 million, the company’s results showed on Wednesday.

Positive factors in the quarter included liquidated damages due from the engineering, procurement and construction (EPC) contractor for loss of revenues caused by the delays in and the commissioning of the 200-MW Hillcrest solar farm in Ohio, the acquisition of the remaining 50% interest in Chile’s Energia Llaima, the commissioning of the 225.6-MW Griffin Trail wind facility in Texas and higher production at the wind facilities in France.

Performance was affected by a temporary shutdown at the Kwoiek Creek facility in British Columbia due to wildfire that damaged the facility's transmission line, lower production at the Quebec wind facilities, the exclusion of the results from the Flat Top and Shannon joint venture facilities, which are held for sale after the February 2021 Texas weather events, as well as lower average selling prices and lower production at some Quebec hydro facilities.

President and chief executive Michel Letellier highlighted the acquisition of the remaining interests in Energia Llaima and three hydro facilities and said the company will continue to develop its own greenfield projects and conclude strategic acquisitions.

Figures in CAD, unless otherwise noted Q3 2021 Q3 2020 9-mo 2021 9-mo 2020
Production (MWh) 2,290,086 2,021,559 6,472,058 5,886,949
Revenues 184.6m 162.7m 544.8m 445.3m
Adjusted EBITDA 122.5m 108.5m 388.3m 304.3m
Net earnings (loss) (23.5m) 7.5m (191.1m) (41m)
Adjusted net earnings 11.9m 13.4m 3m 9.3m

(CAD 1 = USD 0.804/EUR 0.696)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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