Innergex revenue rises 22%
Increase down to new facilities coming online and acquisitions in France
Revenue at Innergex Renewable Energy increased 22% to almost C$184.1m in the first half of 2017, up from C$150.3m in the same period last year.
Innergex said the increase was down to new facilities coming online in 2016 and 2017 and the acquisition of wind farms in France over the same period.
However, it added that the results would have been better but for lower production at most of the company’s hydro facilities in British Columbia and wind farms in Quebec.
Innergex president and chief executive Michel Letellier said the lower production was mainly due to “challenging post-commissioning activities” at its Upper Lillooet River, Boulder Creek and Mesgi’g Ugju’s’n facilities.
Production in the first half of the year was below average, compared with above average output in the same period last year. As a consequence net earnings were down to C$11.8m in the first half of 2017 from C$22.9m in 2016, the company said.