NEWS Innergex Completes its Partnership with Crédit Agricole Assurances in France • Long-term partnership between Innergex and Crédit Agricole Assurances regarding Innergex's assets and development portfolio in France • Funding commitments from the partners to accelerate the development of wind and solar projects in France Innergex Renewable Energy Inc. and Crédit Agricole Assurances, in connection with Crédit Agricole Centre-Est, are pleased to announce they have completed the previously announced long-term partnership. The partnership allows Crédit Agricole Assurances to gain a 30% minority interest in Innergex's portfolio in France, representing a €129.5 million (CAN$188.8 million) investment. The proceeds are used to reduce Innergex's revolving credit facilities and to fund the Corporation's development activities over the coming years. The long-term co-investment agreement with France's leading insurer will support Innergex's development strategy and growth in France by providing additional equity commitment for the development and financing of ongoing projects at various stages of development. Michel Letellier, President and Chief Executive Officer of Innergex, said: "We are excited to have found with Crédit Agricole Assurances a partner as committed as we are to support the French administration in their energy transition endeavours. As we embark on this journey with Crédit Agricole Assurances, we look forward to exploring possible synergies in both development initiatives and community engagement. As Innergex's growth will continue to be driven primarily by greenfield development, this partnership is one of our solutions aiming at creating more liquidity to fund our growth." Philippe Dumont, CEO of Crédit Agricole Assurances, said: "We're proud to announce this new partnership in favour of the energy transition. This investment in Innergex France, a high-potential French renewable platform and a subsidiary of a leading pure play renewable group with a proven track record, is fully in line with Crédit Agricole Group's climate commitments. This operation will also contribute to Crédit Agricole Assurances' objectives to increase its investments in renewable energies and reach a 14 GW installed capacity by 2025." The partnership between Innergex and Crédit Agricole Assurances was announced on August 7, 2023, subjected to customary closing conditions. Transaction highlights • Investment of €129.5 million (CAN$188.8 million) by Crédit Agricole Assurances • Proceeds from Crédit Agricole Assurances will be used to reduce Innergex's revolving credit facilities and to fund the Corporation's development activities over the coming years • 17 operating assets totalling 324 MW of wind energy and 9 MW / 9 MWh of storage capacity, as well as a large portfolio of projects at various stages of development • Existing energy production of 691 GWh per year • Enterprise value of Innergex France estimated at €715.2 million (CAN$1,042.4 million) including €22.2 million (CAN$32.4 million) of cash on hand • Innergex's team will continue to lead the management of the entire value chain from development to construction and operation
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