Innergex Renewable Energy revenue increased 19% to C$74.5m in the first quarter of 2017, compared with C$62.5m in the same period last year.
Earnings also rose by 7% to C$50.9m in the period from C$47.7m in the first three months of 2016.
The increases were down to new production, including the Mesgi’g Ugju’s’n wind farm and the Big Silver Creek hydro facility and 10 wind facilities acquired in France in 2016 and 2017.
However, the increases were partially offset by lower production at hydro facilities in British Columbia and at wind farms in Quebec, Innergex said.
Overall, the company generated 722,273 megawatt-hours (MWh) of electricity in the first quarter, up from 664,387MWh in 2016.
Innergex president and chief executive Michel Letellier said: “Our recent commissioning and acquisitions demonstrate our ability to meet our growth objectives and expand our geographical presence and energy source diversification to further solidify our business by mitigating unpredictable weather scenarios.
“Despite overall lower production than the long-term average this quarter, we have been able to post strong results and deliver on our commitments while distributing a solid dividend to our shareholders.”
Image: Innergex
