Innergex reported $184 million in adjusted EBITDA proportionate for the second quarter of 2024, reflecting an 8% decrease compared to the same period in 2023. The decline was attributed to below-average wind regimes in most regions, reduced water flows in British Columbia, and lower irradiance coupled with economic curtailment at the Phoebe facility in Texas and at the company's solar facilities in Chile.
These impacts were partially offset by stronger water flows in Quebec and at the Duqueco and Guayacan hydro facilities in Chile, along with increased wind production at facilities in the United States and Chile.
Net earnings for the second quarter were $23 million, down from $25 million in the corresponding period of 2023.
For the first half of 2024, adjusted EBITDA proportionate reached $354.6 million, slightly up from $347.6 million in the first half of 2023. However, the company reported a net loss of $14.6 million for the first half of 2024, compared to a net loss of $11.8 million for the same period in the previous year.
During the second quarter, Innergex completed a minority sale of interests in an 826 MW renewable energy portfolio in Texas and commissioned the 35 MW (five-hour) San Andrs battery energy storage facility in Chile. The company also secured a 30-year power purchase agreement (PPA) with Hydro-Quebec for the 100 MW Lotbiniere Ndakina and 300 MW Peshu Napeu wind projects, and renewed a 25-year PPA for the three Portneuf facilities in Quebec.
Innergex has reaffirmed its full-year 2024 financial guidance.
“Our teams remain focused on executing on our disciplined growth strategy, through both securing accretive greenfield opportunities such as the 300 MW Peshu Napeu and the 100 MW Lotbiniere Ndakina wind projects in Quebec, and delivering on de-risking initiatives such as the sale of minority interests in our Texas assets portfolio,” said Michel Letellier, President and Chief Executive of Innergex. He noted that while the company ensures its assets are maintained optimally to capture available resources, “Unfortunately this quarter, resources have been abnormally lower than predictive models in some of the regions where we operate.”
