Innergex announces the commissioning of its second largest energy storage facility in Chile

PRESS RELEASE from Innergex
21 May 2024

LONGUEUIL, Quebec, May 21, 2024 – Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce that its 35 MW/175 MWh (5 hours) San Andrés battery energy storage facility has begun operations and is injecting energy to the grid. Located on the site of Innergex’s existing San Andrés solar facility in Northern Chile it is Innergex’s second largest energy storage facility currently in operation, following the commissioning of the Salvador battery facility 50 MW/250 MWh (5 hours) on October 30, 2023.

"We are very proud of our growing energy storage portfolio in Chile because it will contribute significantly to meeting the growing demand for 24/7 renewable energy production,” said Michel Letellier, President and Chief Executive Officer of Innergex. "These projects allow Innergex to optimize its portfolio generation and revenues based on market dynamics and demand in Chile. Overall, our ability to capitalize on variable energy prices and receive capacity payments allow us to deliver a clean energy solution with both a favourable risk profile and strong financial returns.”

Located in the Atacama Desert, the San Andrés battery energy storage facility capitalizes on the region's exceptional solar irradiance potential. During the day, surplus solar energy is stored and then dispatched during the evening and early mornings to capture peak market prices, allowing the facility to avoid daytime congestion, support the grid during peak demand, and optimize project returns. Battery storage is a key driver for future growth, and Innergex is actively exploring further opportunities across its core markets to develop integrated renewable energy and battery storage projects, seizing the immense potential of this innovative technology.

The San Andrés battery facility is expected to generate annual revenues in a range of US$6 million (CAN$8.2 million) to US$8 million (CAN$10.9 million) on a run-rate basis, while operating, general and administrative expenses are expected to reach US$0.4 million (CAN$0.5 million) in the first full year of operation.

About Innergex Renewable Energy Inc.

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 88 operating facilities with an aggregate net installed capacity of 3,690 MW (gross 4,328 MW), including 41 hydroelectric facilities, 35 wind facilities, 9 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 13 projects under development with a net installed capacity of 930 MW (gross 1,281 MW), 3 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 9,912 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital.

To learn more, visit innergex.com or connect with us on LinkedIn.