Innergex sees red
Canadian outfit makes Q1 loss despite a rise in revenue and earnings
Innergex Renewable Energy made a net loss of over C$14.5m (€9.5m) in the first quarter of 2018, wider than the just under C$2.5m loss in the same period last year.
The loss came despite revenue and adjusted earnings both rising between January and the end of March, compared with 2017.
The Canadian company said the loss was down to increased costs and expenses, an unrealised net loss on financial instruments and larger depreciation and amortisation.
Revenue was almost C$118m in the latest period, up from over C$74.5m in 2017, while adjusted earnings before interest, taxes, depreciation and amortisation stood at more than C$79m rising from almost C$51m last year.
Innergex said the revenue rise was down to the acquisitions of Alterra and wind farms in France last year, as well as higher production at the European facilities.
The company was also boosted by compensation received from a manufacturer for low-availability of equipment at a wind farm and higher output at the Mesgi’g Ugju’s’n wind farm in Quebec.
Innergex also announced that it has acquired two hydro facilities in Chile totalling 140MW and the remaining interests in three hydro plants in British Columbia (BC), Canada, with a combined capacity of 114.2MW.
In Chile, the company in collaboration with local outfit Energia Llaima is to acquire the Duqueco hydro complex comprising the 85MW Peuchen and 55MW Mampil projects for C$268m.
Innergex also plans to take a 50% stake in Energia Llaima for C$140.5m.
The deals are subject to regulatory approval.
In BC, Innergex has acquired Ledcor Power Group's 33.3% interest in Creek Power, which owns the 81.4MW Upper Lillooet River, 25.3MW Boulder Creek and 7.5MW Fitzsimmons Creek hydro plants.
Innergex already owned the other 67.7% stake in Creek Power.