Innergex's 2024 Year-End Financial Performance Report
Innergex 2024 Year-End Financial Results
Innergex Renewable Energy Inc. (TSX: INE) is proud to present its financial and operational highlights for the fourth quarter and the fiscal year 2024, showcasing robust growth and strategic advancements in renewable energy production.
Q4 2024 Strategic Achievements
In Q4 2024, Innergex solidified its standing as a leader in the renewable energy sector. The company secured an impressive 560 MW through BC Hydro's recent call for power and successfully reached commercial operation for the 330 MW Boswell Springs wind farm. The organization also moved forward with five projects, totaling 180 MW, into the construction phase, marking a significant milestone in its expansion efforts.
Financial Position Strengthened
Innergex's overall financial stature grew throughout the year, buoyed by approximately $450 million in financings aimed at supporting ongoing projects and future expansions. The company reported that it met its financial guidance for the year, with notable achievements in Adjusted EBITDA and Free Cash Flow per share.
Q4 2024 Financial Highlights
The fourth quarter brought remarkable financial performance, with Adjusted EBITDA reaching $210.0 million, reflecting a 13% increase compared to Q4 2023. Similarly, Free Cash Flow per Share stood at $1.06 for the year, maintaining a solid upward trajectory.
Guidance for 2025
Looking towards the future, Innergex sets ambitious targets for 2025, projecting Adjusted EBITDA Proportionate between $825.0 million and $875.0 million, and Free Cash Flow per share of $0.75 to $0.95. These estimates underscore the Corporation's commitment to maximizing both production efficiency and operational performance.
Impressive Growth Momentum
Innergex's growth strategy continues to evolve, with various projects under construction expected to further enhance its renewable energy portfolio. The commissioning of the Boswell Springs wind farm is a testament to the company's efficiency in bringing projects to fruition. Furthermore, the recently completed Hale Kuawehi solar and storage project in Hawaii is on schedule, with commercial operations anticipated in Q1 2025.
Financial Highlights Across Segments
The financial highlights per segment reveal the diversity and potential of Innergex's renewable energy projects. Overall revenues and production tax credits were buoyed by increased energy generation from hydroelectric services, wind farms, and solar facilities across multiple locations.
Operational Performance Review
In Q4 2024, Innergex's revenues from operational activities surged by 9% to $286 million, bolstered by a combination of advantageous power prices and improved energy production metrics. Adjusted EBITDA for the quarter reflected similar growth, largely due to operational efficiencies and strategic project management.
Investment Strategy and Growth Targets
Innergex is committed to advancing its renewable energy initiatives through ongoing investments and strategic resource allocation. The company aims to continue its trajectory of self-funded growth, enabling it to navigate market fluctuations effectively while maximizing shareholder returns.
Subsequent Events and Developments
Post-Q4, Innergex made headlines with the announcement of the acquisition of the La Cense wind project in France, enhancing its European portfolio. Moreover, the Corporation has made significant financial maneuvers, including converting a construction loan into a long-term facility to optimize funding operations.
Dividend Declaration
A dividend declaration of $0.0900 per common share for April 15, 2025, reinforces Innergex’s commitment to returning value to its shareholders while maintaining a healthy payout ratio of 34% on Free Cash Flow.
Frequently Asked Questions
What were Innergex's main achievements in Q4 2024?
In Q4 2024, Innergex secured 560 MW in new projects, reached commercial operation for the Boswell Springs wind farm, and moved five additional projects to construction.
What are Innergex's financial projections for 2025?
Innergex aims for Adjusted EBITDA Proportionate between $825 million to $875 million and Free Cash Flow per share of $0.75 to $0.95 in 2025.
How did Innergex perform financially in 2024?
For 2024, Innergex reported an Adjusted EBITDA of $760.6 million and Free Cash Flow per share of $1.06, outperforming guidance expectations.
What is the company's strategy for future growth?
Innergex focuses on self-funding growth through strategic investments in renewable energy projects, enhancing its long-term operational and financial health.
When is the next dividend payment scheduled?
The next dividend payment is scheduled for April 15, 2025, with a declared amount of $0.0900 per common share.
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