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Innergex records 15% increase YOY in adjusted EBITDA

Innergex Renewable Energy Inc. on Aug. 13 reported adjusted EBITDA of C$99.1 million for the second quarter of 2018, an increase of 15% from adjusted EBITDA of C$85.9 million in the same period of 2017.

The company attributed the improved EBITDA mainly to contribution from facilities acquired in 2017 and 2018 and to higher production at the Mesgi'g Ugju's'n Wind Farm (Aboriginal Wind), Upper Lillooet River Hydro and Boulder Creek Hydro facilities.

The S&P Global Market Intelligence consensus EBITDA estimate for Innergex in the second quarter was C$117.0 million.

The company generated revenues of C$149.5 million in the second quarter of 2018, up 37% from C$109.5 million in the second quarter of 2017.

On a GAAP basis, second-quarter net earnings were C$16.8 million, or 9 Canadian cents per share, up from the net earnings of C$13.9 million, or 12 cents per share, in the prior year.

For the second quarter of 2018, Innergex produced 1,823.3 GWh of electricity, or 100% of the long-term average, or LTA, of 1,827.5 GWh, compared to 1,322.8 GWh produced in the same quarter of 2017.

Overall, the hydroelectric facilities produced 101% of their LTA, the wind farms produced 96% of their LTA, the geothermal facilities produced 101% of their LTA and the Stardale solar farm produced 114% of its LTA.