Innergex reported $184m in adjusted EBITDA proportionate in the second quarter of 2024, down 8% on the same period of 2023.
Net earnings for the fourth quarter reached $23m, compared with $25m for 2023.
Production in the quarter was due to below average wind regimes in most regions, lower water flows in British Columbia, as well as lower irradiance and economic curtailment at the Phoebe facility in Texas and at the company’s solar facilities in Chile.
These were partly offset by higher water flows in Quebec and at the Duqueco and Guayacan hydro facilities in Chile, as well as higher wind production at the facilities in the United States and Chile.
For the first half of 2024 adjusted EBITDA proportionate was $354.6m up on $347.6m for the first half of 2023, while Innergex reported a net loss of $14.6m for the first half of this year compared to $11.8m for the first half of 2023.
During the second quarter of 2024 Innergex executed on a minority sale of interests in a 826MW renewable energy portfolio in Texas and achieved commissioning of the 35MW (five hour) San Andrss battery energy storage facility in Chile.
The company also signed a 30-year PPA with Hydro-Quebec for the 100MW Lotbiniere Ndakina and the 300MW Peshu Napeu wind projects and renewed a 25-year PPA for the three Portneuf facilities in Quebec subsequent to quarter end.
It has reaffirmed full year 2024 financial guidance.
President and chief executive Michel Letellier said: “Our teams remain focused on executing on our disciplined growth strategy, through both securing accretive greenfield opportunities such as the 300MW Peshu Napeu and the 100MW Lotbiniere Ndakina wind projects in Quebec, and delivering on de-risking initiatives such as the sale of minority interests in our Texas assets portfolio.
“I am proud of our team for consistently ensuring that our assets are maintained and managed in optimal ways enabling us to fully capture the hydro, wind and solar resources when available.
“Unfortunately this quarter, resources have been abnormally lower than predictive models in some of the regions where we operate.”