Innergex has reported a 13% increase in adjusted EBITDA to C$210m in the fourth quarter of 2024 compared with the same period in 2023.
Net earnings rose to C$33m in the quarter compared with a net loss of C$122m in Q4 2023.
Q4 highlights include securing 560MW in BC Hydro’s call for power in British Columbia, achieving commercial operation of the 330MW Boswell Springs wind farm in Wyoming and advancing five projects totalling 180MW to the construction phase.
Michel Letellier, Innergex President and Chief Executive Officer, said: “We are extremely pleased with the progress made in the Q4 2024, which reflects our strong execution, strategic growth, and commitment to delivering results.
Winning 560 MW in BC Hydro’s latest request for proposals is a significant milestone that reinforces our leadership role in renewable energy and positions us for long-term success in Canada.
“We also successfully commissioned the Boswell Springs wind farm in Wyoming, underscoring our ability to execute efficiently.
“Overall, despite stock market fluctuations in the renewable energy sector, we have met all our 2024 objectives … We are expanding at an impressive pace, and we are doing so on our own terms-our self-funded growth enabling us to scale efficiently while creating value.
“Looking ahead, we see tremendous opportunities, particularly in Canada, where we will be actively developing new projects over the coming years.
“In the United States, despite challenges in policy and regulatory support, we remain optimistic about the long-term potential for renewable energy.”