The following is a summary of the Innergex Renewable Energy Inc. (INGXF) Q3 2024 Earnings Call Transcript:
Financial Performance:
Innergex reported adjusted EBITDA of $196 million in Q3 2024, a slight decrease of 3% year-over-year.
Free cash flow was reported at $70.8 million for the quarter, or $0.35 per share.
Total debt remained stable at $6.4 billion.
Business Progress:
Continued expansion in Chile with new BESS projects aiming to leverage arbitrage opportunities and offer 24/7 renewable power through PPAs.
Notable development achievements include the full commissioning of the Innavik hydro facility and progress on the Boswell Springs wind farm and Hale Kuawehi solar project.
Signed a 25-year fully indexed PPA for the Portneuf hydro portfolio.
Opportunities:
Chile presents continued opportunity with BESS projects aimed to capitalize on arbitrage.
Redevelopment and expansion in Canada, especially towards securing more opportunities with First Nations partnerships and upcoming RFPs in BC and Ontario.
Risks:
The overall soft performance in Q3 due to weaker natural resource availability impacting production.
Market conditions including U.S. policy changes potentially affecting project financing and tax benefits for renewable energy projects.
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