- Innergex Renewable Energy (TSX:INE) is maintaining its operations and development projects, despite some setbacks resulting from the ongoing COVID-19 pandemic
- The Ohio Government is allowing the company to continue building the Hillcrest solar project, but supply-chain issues caused by the pandemic could delay construction
- Furthermore, local isolation laws are limiting access to the company’s Innavik hydro project, which is set to begin construction in May
- However, Innergex’s energy generation operations are deemed essential and have not been affected by government-mandated lockdowns
- Innergex Renewable Energy (INE) is up 1.04 per cent, with shares trading at C$19.46 and a market cap of $3.39 billion.
Innergex Renewable Energy (TSX:INE) is maintaining its operations and projects, despite roadblocks cause by the COVID-19 outbreak.
The company was quick to point out that, during this crisis, its energy generation operations are deemed essential.
As a result, its facilities in Canada, the United States, France and Chile have not been severely affected by widespread government mandated lockdowns.
While its construction and development projects may not be deemed essential, none of the projects have been substantially affect by the outbreak so far.
The Ohio Government is allowing the company to continue building the Hillcrest solar project. However, the company did point out that potential supply restrictions could impact Hillcrest’s development schedule in the coming months.
Perhaps more troubling, a local government in Quebec is limiting access to the company’s Innavik hydropower project. Construction is set to begin in May and Innergex is currently in talks with the government to maintain this schedule.
On the financial side, the company assured shareholders it was well positioned for the coming months.
Due to ongoing investment from public utility company Hydro-Quebec, Innergex was able to sustainably deleverage its debt this year.
Hydro-Quebec recently invested C$661 million into Innergex as part of a private placement and in doing so became a substantial shareholder in the company.
With a stable balance-sheet and only minor interruptions caused by the pandemic, Michel Letellier, President and CEO of Innergex, remains confident in the company’s future prospects.
“I would like to thank our employees for their dedication to ensuring continuity of our operations.
“Innergex is in an enviable position to deploy capital, seize opportunities and create value for its shareholders,” he said.
Innergex Renewable Energy (INE) is up 1.04 per cent, with shares trading for $19.46 at 3:30pm EST.
