Innergex Renewable Energy : Investor Kit – Q4 2022

INVESTOR KIT Q4 2022

*All financial data are in Canadian dollars and as at December 31, 2022

For more than 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer that develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that renewable energy will lead the way to a better world.

Innergex operates in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets with an aggregate gross installed capacity of 4,244 MW and an energy storage capacity of 159 MWh. It also holds interests in 11 projects under development and several prospective projects. Its approach to building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjustedreturn on invested capital and to distribute a stable dividend.

A Sustainable Business Model

PEOPLE

We are passionate people building strong partnerships with local communities.

PLANET

We believe that renewable energy is part of the solution to climate change.

PROSPERITY

We generate value for our employees, shareholders, partners and host communities.

Key FiguresDividend Growth ($)

87	$8.6B	$16.20			2.1%
							CAGR*
	operating facilities	total assets value	closing share price
							0.72	0.72	0.72
4,244 MW	$3.4B	457,846		0.70
0.68
gross installed capacity	market capitalization	average daily volume
		(including preferred shares)	traded during Q4 2022
	2,449 GWh	$9.5B	4.4%
	generated during Q4 2022	enterprise value	yield	2018	2019	2020	2021	2022
					*Compound annual growth rate
Stock Performance
	AVERAGE TOTAL RETURN			5-YEAR			3-YEAR
	INE.CN (TSX)			38.8%			6.2%
	S&P/TSX Composite Index			39.5%			24.3%

Source Bloomberg: including reinvestment of dividends. As at December 31, 2022	Published on March 28, 2023

Innergex Facilities

			BROWN LAKE		DOKIE 1
			7 MW
			FITZSIMMONS CREEK	144 MW
		BOULDER CREEK	8 MW	MILLER CREEK
		25 MW
		UPPER LILLOOET RIVER		33 MW
		81 MW		WALDEN NORTH
		EAST TOBA		16 MW
		147 MW			RUTHERFORD CREEK	CANADA
					23 MW
	MONTROSE CREEK			50 MW
		88 MW			FIRE CREEK
		JIMMIE CREEK			KWOIEK CREEK
		62 MW
		ASHLU CREEK			50 MW
					DOUGLAS CREEK
		50 MW
					27 MW
		TIPELLA CREEK
					STOKKE CREEK
		18 MW				22 MW
		NORTHWEST STAVE RIVER			BIG SILVER CREEK
		18 MW			41 MW
		UPPER STAVE RIVER		TRETHEWAY CREEK
		33 MW		21 MW
			LAMONT CREEK
	HAWAII		27 MW
		HORSESHOE BEND
	PAEAHU	9 MW		DESERT MEADOW
	15 MW				23 MW
						MAINLINE
		HALE KUAWEHI				23 MW
		30 MW				RYEGRASS
						23 MW
		TWO PONDS
		23 MW	HAMMETT HILL
				COLD SPRINGS
			23 MW
						23 MW	BOSWELL SPRINGS
							330 MW
	PAMPA ELVIRA			UNITED STATES
	34 MW
SALVADOR
68 MW +
BATTERY STORAGE	SAN ANDRÉS
250 MWh
SARCO	51 MW +
BATTERY STORAGE
170 MW	175 MWh
GUAYACÁN
12 MW
						FOARD CITY
CUEL	MAMPIL						350 MW
33 MW	55 MW
RUCACURA	PEUCHEN					GRIFFIN TRAIL
85 MW
3 MW					PHOEBE	226 MW
LICÁN	FRONTERA
				250 MW
18 MW
109 MW

AURORA 129 MW

CHILE

INNAVIK 8 MW

						GROS•MORNE
				BAIE•DES•SABLES 212 MW
					110 MW	MAGPIE
				SM•1
					41 MW
				31 MW
		PORTNEUF•3 8 MW		MONTAGNE SÈCHE
			58 MW
		PORTNEUF•2 10 MW
			L'ANSE•À•VALLEAU 101 MW
		PORTNEUF•1 8 MW
UMBATA FALLS		CARLETON 110 MW
23 MW		MONTMAGNY	MESGI'G UGJU'S'N 150 MW
	SAULT STE. MARIE 2		2 MW	VIGER•DENONVILLE 25 MW
SAULT STE. MARIE 1
30 MW				GILLES•LEFRANÇOIS 24 MW
20 MW		SAINT•PAULIN
SAULT STE. MARIE 3		8 MW	WINDSOR
10 MW		BATAWA		6 MW
		STARDALE
		5 MW
			27 MW
				CURTIS MILLS
SPARTAN	GLEN MILLER		12 MW
11 MW		8 MW		PALMER FALLS
				48 MW

KOKOMO	PALOMINO
200 MW
6 MW

HILLCREST 200 MW

	BEAUMONT
	25 MW
BOIS DES CHOLLETZ
	12 MW
	LONGUEVAL
	10 MW	PORCIEN
		10 MW
		VALLOTTES
		12 MW
	PLAN FLEURY
	22 MW	LES RENARDIÈRES
BOIS D'ANCHAT	AUXY BOIS REGNIER	21 MW
10 MW	29 MW
	YONNE	YONNE II
	44 MW
	7 MW	ROUGEMONT1
ANTOIGNÉ
TONNERRE
	36 MW
8 MW	9 MWh
	LAZENAY		ROUGEMONT2
	9 MW	VAITE	45 MW
MONTJEAN		39 MW
12 MW	FRANCE
12 MW
THEILRABIER

In operation

87 facilities	3,694 / 4,244 MW (net1 /gross capacity)
40 hydro facilities	(919 / 1,259 MW)
35 wind farms	(2,084 / 2,278 MW)
10 solar farms	(672 / 673 MW)
1 solar and energy	(19 / 34 MW, 150 MWh)
storage facility
1 energy storage	(9 MWh)
facility

1 Net capacity represents the proportional share of the total capacity attributable to Innergex based on its ownership interest in each facility.

Under development

11 facilities	696 / 733 MW (net/gross)
3 hydro projects	(89 / 120 MW)
3 wind projects	(362 / 368 MW)
1 solar project	(200 / 200 MW)
2 solar and energy	(45 / 45 MW, 180 MWh)
storage projects
2 energy storage	(425 MWh)
projects

More than 8,701 gross MW in prospective projects

Financial Performance

REVENUES AND REVENUES PROPORTIONATE1

ADJUSTED EBITDA1 AND ADJUSTED EBITDA PROPORTIONATE1 ($M)

CASH FLOWS FROM OPERATING ACTIVITIES ($M)

FREE CASH-FLOW1 & PAYOUT RATIO1

**

Access to Capital

• Innergex partners with tax equity investors for facilities eligible for renewable energy tax incentives in the U.S.
• Corporate debt and Alterra loans supported by 19 assets free of project debt and with a weighted average useful life2 of 34.7 years
• $175M still available via our revolving credit facilities

**Please refer to the «February 2021 Texas Events» section of the Management's Discussion and Analysis for the three-month period ended December 31, 2022 for more information.

1. These measures are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Please refer to the ''Non-IFRS Measures'' section of the
   2022 Annual Report for more information.
2. Based on useful life assumptions of 75 years for Hydro, 35 years for Solar and 30 years for Wind

Balance Sheet

• Power purchase agreements duration of 13.2 years on average, one of the longest in the renewable energy sector
• Young assets with a weighted average age of approximately 9.8 years
• Projects loans have no exposure to rising interest rates, with 99% fixed rate financing or under long-term hedging agreements and are non-recourse

Trading Information

Analyst Coverage

Symbol (Common share)	INE.CN (TSX)
Index inclusion	S&P/TSX
Outstanding shares	204.1M
Transfer agent	Computershare
(Canada)
Preferred shares	5.4M
INE.PR.A | INE.PR.C
Convertible Debentures	148,023
INE.DB.B
Convertible Debentures	142,056
INE.DB.C

BMO Capital Markets

CIBC Capital Markets

Cormark Securities

Credit Suisse

Desjardins Securities

IA Securities

National Bank Financial

Peters & Co Limited

Raymond James

RBC Capital Market

Scotiabank GBM

TD Securities

Ben Pham

Mark Jarvi

Nicholas Boychuk

Andrew M. Kuske

Brent Stadler

Naji Baydoun

Rupert M. Merer

Ken Chmela

David Quezada

Nelson Ng

Justin Strong

Sean Steuart

Next Dividend Payment

(Common shares)

PERIOD	RECORD DATE	PAYMENT DATE	AMOUNT
Q1 2023	03/30/2023	04/17/2023	$0.180

Contact

TRANSFER AGENT - COMPUTERSHARE (CANADA)

T 1-800-564-6253 OR 1 514-982-7555	TORONTO	MONTREAL
F 1-888-453-0330	100 University Ave., 8th Floor,	1500 Robert-Bourassa Blvd,
[e-mail]	North Tower	suite 700
	Toronto ON M5J 2Y1	Montreal QC H3A 3S8

INNERGEX HEAD OFFICE

1225 Saint-Charles Street West, 10th floor Longueuil QC J4K 0B9

Tel. : [phone]

REGIONAL OFFICES

Lyon, France | San Diego, U.S.

Vancouver, Canada | Santiago, Chile

[e-mail]

innergex.com