Innergex Renewable Energy Inc. ("Innergex" or the "Corporation") and the Saik'uz First Nation are pleased to announce the joint signing of a Letter of Intent and a Traditional Knowledge Protocol Agreement regarding the development of a wind energy project at Nulki Hills near Vanderhoof, British Columbia.
The Nulki Hills prospective wind project, representing up to 210 MW of clean renewable power, is currently undergoing a BC Environmental Assessment. The partners will work together to obtain an Environmental Assessment Certificate from the province and an electricity purchase agreement from BC Hydro for this project, which could deliver power to the grid by late 2018.
In the agreements, Saik'uz and Innergex highlight their commitment to meaningful consultation during all stages of project development and to establish and determine the terms for a long-term cooperative and mutually respectful relationship throughout the life cycle of the project. The parties have agreed to a process to gather, document and preserve Saik'uz traditional knowledge and to address the ownership, protection and integration of traditional knowledge in the development of the project.
"We are extremely pleased to have entered into these agreements with the Saik'uz First Nation," said Richard Blanchet, Senior Vice President - Western Region of Innergex. "They provide a foundation for a strong relationship that reflects the commitment between Innergex and Saik'uz to work together, respectfully and collaboratively. The announcement today emphasizes our intention to bring sustainable economic development opportunities to Saik'uz and the District of Vanderhoof", added Mr. Blanchet.
"We look forward to continuing our positive relationship with Innergex," said Saik'uz First Nations Chief Stanley Thomas. "We trust that Innergex will work within our traditional territory in a manner respectful of the environment, our culture and our constitutional aboriginal rights, titles and interest."
Saik'uz First Nation is a Carrier community near Nulki Lake, south of Vanderhoof - the geographical center of the province. Saik'uz - pronounced 'sigh-cuz' - has over 1,000 members, many of whom are young and employable. A relationship began with Innergex during the summer of 2012, and these agreements are a reflection of the mutual respect of and commitment to this relationship. The Corporation came to the community with an idea to develop the natural resource of wind energy as a source for a viable and sustainable energy project. Innergex knows that early relationships with First Nations are beneficial to any new development projects. Tours of two existing wind projects in Northern British Columbia were a starting point for Saik'uz to understand the scope of the project. Saik'uz First Nation supports environmentally friendly and sustainable projects.
Innergex Renewable Energy Inc. is a leading Canadian independent renewable power producer. Active since 1990, the Company develops, owns and operates run-of-river hydroelectric facilities, wind farms and solar photovoltaic farms and carries out its operations in Quebec, Ontario and British Columbia and in Idaho, USA. Its portfolio of assets currently consists of: (i) interests in 30 operating facilities with an aggregate net installed capacity of 629 MW (gross 1,096 MW), including 23 hydroelectric operating facilities, six wind farms, and one solar photovoltaic farm; (ii) interests in seven projects under development or under construction with an aggregate net installed capacity of 252 MW (gross 388 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totaling 2,900 MW (gross 3,125 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P and BB (high) by DBRS (unsolicited rating). Its shares are listed on the Toronto Stock Exchange under the symbol "TSX".
The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities generating sustainable cash flows and providing a high return on invested capital, and to distribute a stable dividend.