Innergex signs two long-term PPAs for solar and battery energy storage projects In Hawai’i
Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) says it has signed two 25-year Power Purchase Agreements that provide a fixed price with the Hawai’i Electric Light Company and the Maui Electric Company for the electricity to be produced at the Hale Kuawehi and Paeahu solar and battery energy storage projects. Both projects have a proposed commercial operation date of 2022. The agreements are subject to approval by the Public Utilities Commission of Hawai’i.
“With these two important and unique projects in Hawai’i, we are excited to enter the growing and promising battery energy storage market, in which we intend to become a key player,” said Michel Letellier, President and Chief Executive Officer of Innergex. “The technological advancements in battery storage are changing the way utilities service their customers and we intend to become a solid partner with them in managing their power needs.”
The two 25-year power purchase agreements are for dispatchable energy, allowing the respective utilities to dispatch the facilities as they deem appropriate to maintain grid stability and maximise renewable energy use on Maui and Hawai’i islands.
The Hale Kuawehi solar project is a 30 MWAC facility with 120 MWh of battery storage located on the island of Hawai’i. Its average annual electricity generation could reach 92,000 MWh. The Paeahu solar project is a 15 MWAC facility with a 60 MWh battery storage facility on the island of Maui. It could generate on average annually 45,000 MWh.
About Innergex Renewable Energy Inc.
The Corporation is an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and geothermal power generation plants. As a global corporation, Innergex conducts operations in Canada, the United States, France, Chile and Iceland. Innergex manages a large portfolio of assets currently consisting of interests in 68 operating facilities with an aggregate net installed capacity of 2,091 MW (gross 3,072 MW), including 37 hydroelectric facilities, 25 wind farms, four solar farms and two geothermal facilities. Innergex also holds interests in five projects under development with a net installed capacity of 719 MW (gross 800 MW), two of which are currently under construction and prospective projects at different stages of development with an aggregate net capacity totaling 8,382 MW (gross 9,246 MW). Respecting the environment and balancing the best interests of the host communities, its partners, and its investors are at the heart of the Corporation's development strategy. Its approach for building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend. Innergex Renewable Energy Inc. is rated BBB- by S&P.