Innergex's Q1 net loss shrinks despite lower revenues

Innergex PV plant. Image by Innergex.

May 11 (Renewables Now) - Canadian power producer Innergex Renewable Energy Inc (TSE:INE) narrowed its first-quarter net loss to CAD 34.9 million (USD 26.8m/EUR 25.4m) as the year-ago period was burdened by impairments related to the extreme winter conditions in Texas in February 2021.

The company’s net loss contracted from CAD 217.9 million recorded a year earlier, Innergex’s financial report showed on Tuesday. The Canadian firm explained that in the year-ago period, its results were adversely affected by impacts from the Texas freeze, impairment charges and a loss recognised from its share in the Flat Top and Shannon joint venture facilities, which were sold last year. The absence of these effects and a positive contribution from favourable movements in the fair value of financial instruments led to a smaller loss in January-March 2022.

Regardless of the increased power production, revenues fell slightly. On a normalised basis to exclude the Texas events from last year, however, Innergex’s top-line result was 40% higher than a year earlier.

Further details about the company’s performance are available in the table. Results on a normalised basis do not take into account the Texas events.

Amounts in CAD Q1 2022 Q1 2021 Q1 2021 normalised
Production (MWh) 2,304,600 1,785,947 1,785,947
Production Proportionate (MWh) 2,358,027 2,049,621 2,049,621
Revenues 188.7m 189.7m 134.7m
Revenues Proportionate 216.1m 261.7m 166.5m
Adjusted EBITDA 130.5m 143.1m 88.2m
Adjusted EBITDA Proportionate 154.9m 208.9m 113.6m
Net earnings (loss) (34.9m) (217.9m) (153.7m)
Adjusted net earnings (loss) (2.3m) (27.5m) (27.5m)

In the first quarter, Innergex acquired a 50.6-MW solar park in Chile’s Atacama desert and agreed to buy Chile’s Aela Generacion and Aela Energia in a deal that will add 332 MW of wind capacity to its portfolio. The company experienced some delays in the construction and development of certain projects in the US due to supply chain hurdles and the anticircumvention investigation of Asian solar panel imports into the US.

(CAD 1.0 = USD 0.769/EUR 0.729)

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