Hydro drives Innergex profit
Canadian renewables outfit made C$23m in first half of 2016
Innergex Renewable Energy recorded a C$22.9m profit in the first half of 2016, having made a loss of C$15.3m in the same period last year.
EBITDA was also up in the first six months of the year at C$114.5m from C$96.4m last year, while revenue grew to C$150.3m from C$127.9m in the first half of 2015.
The Canadian company said the improved showing was mainly down to better results in all its hydro markets, except Ontario, and, to a lesser extent, recently commissioned facilities that partly offset lower revenue from wind farms in Quebec and Ontario hydro plants.
Production reached 1840GWh in the first half of 2016, up from 1563GWh between January and end of June 2015.
Innergex said commissioning of the Big Silver Creek hydro plant was completed in July, while commissioning of the Mesgi’g Ugju’s’n wind farm in Quebec will take place before the end of the year.
Good weather has also meant construction work on the Upper Lillooet and Boulder Creek hydro facilities in British Columbia has made up for most of the time lost last year to a forest fire, the company added.