Q2 2024 Innergex Renewable Energy Inc Earnings Call Transcript
Key Points
- Innergex Renewable Energy Inc (INGXF) maintained a high asset availability of over 96% across its portfolio, demonstrating effective operational management.
- The company successfully commissioned a project in Chile under budget by $5 million, showcasing efficient project execution.
- Innergex Renewable Energy Inc (INGXF) signed a 25-year PPA with Hydro-Quebec, providing long-term revenue stability with full CPI indexing.
- The company has a diversified portfolio with projects in various stages of development, offering flexibility and optionality for future growth.
- Innergex Renewable Energy Inc (INGXF) reported a significant increase in free cash flow per share, rising from $0.09 in Q2 2023 to $0.26 in Q2 2024, driven by strategic transactions and cost management.
- The company experienced below-average wind regimes and lower irradiance, impacting production and resulting in generation being only 91% of the long-term average.
- Adjusted EBITDA proportionate decreased by approximately 8% year over year, affected by a less favorable generation mix.
- Innergex Renewable Energy Inc (INGXF) faced increased corporate expenses due to higher investments in greenfield activities, impacting short-term profitability.
- The company did not win any bids in a recent RFP, indicating challenges in competitive pricing and market conditions.
- Interconnection challenges in the US pose a significant hurdle for project development, potentially delaying future growth opportunities.
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Innergex Renewable Energy's 2024 second-quarter conference call and webcast. (spoken in foreign language)
(Operator Instructions) I would like to remind everyone that this conference call is being recorded. I would now like to turn the conference over to Naji Baydoun, Director - Investor Relations. Please go ahead
Hello, everyone, and thank you for joining us today. I'd like to specify that this conference will be held in English. Members of the media are invited to ask their questions by phone after this call and presentation supporting today's discussion is available as we speak on the homepage of our website at www.innergex.com.
This call contains forward-looking statements within the meaning of applicable securities laws. Although the corporation believes that the expectations and assumptions on which forward-looking statements
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