Innergex Renewable Energy : Investor Presentation – Q3 2023

Investors Presentation

Q3 2023

Published on November 17, 2023

Disclaimer

This document was prepared by Innergex (the "Corporation") solely for the purpose of presenting the Innergex Q3 2023 results published on November 8, 2023. This document is not to be reproduced nor distributed, in whole or in part, by any person other than the Corporation. The Corporation takes no responsibility for the use of these materials by any person.

The information contained in this document has not been subject to independent verification and no representation, warranty or undertaking, express or implied, is made as to, and no reliance may be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.

Neither the Corporation nor its officers or employees shall be held liable for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.

This presentation contains certain statements of future expectations or forward-looking statements. Although Innergex believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in these forward-looking statements. For a detailed description of these risks and uncertainties, please refer to the "Risk and Uncertainties" section of Innergex's Annual Report. Subject to regulatory requirements, Innergex does not undertake to publicly update or revise any of these forward-looking statements.

In the event of any discrepancies between the information contained in this document and the public documents, the latter shall prevail. This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction.

2

1. About Innergex
2. Business Updates
3. Q3 2023 Financial Highlights
4. Appendix

Building a Better World With Renewable Energy

With a sustainable business model that balances People, our Planet and Prosperity.

People

We are a team of

passionate individuals

who build 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, our shareholders, our partners and our host communities.

4

Overview of Innergex Renewable Energy Inc.

• 100% renewable energy project developer and operator with a focus on North American market
• Diversified portfolio including hydro, wind, solar and battery storage facilities
• Presence in Chile and France for additional geographical diversity

Total installed capacity

4,226 MW

Enterprise value

$8.5 billion

Credit rating

BBB-

5

Key Figures

86 operating facilities

and 12 projects in

development

Over

600 employees

1. All financial data are as at September 30st, 2023.

Renewable energy

generated during the

third quarter

2,654 MWh

Market Capitalization1

$2.1 billion

1,889,005 metric tonnes of CO2 offset by Innergex's production in 2022

Dividend / Yield1

$0.72 / 7.1%

6

A Global Player

A Strategy to Achieve our Mission

Our Growth Strategy

Develop renewable energy projects with secured long- term power purchase agreements and strong cash flow profile

Our Financial Goal

Deliver strong financial performance to our shareholders by growing Free Cash Flow per share and maintaining a low-risk profile

Additional objectives

• Be a partner of choice for local and Indigenous communities
• Remain a leading Independent Power Producer in Canada
• Maintain a strong diversified portfolio both in terms of geography and technologies

8

A Growth Propelled by Greenfield Development and M&A

In MW (gross)

1,209

			268
	361	•	Acquisitions in
	•	France
•		Commissioning
1st acquisition		of the Upper
•	in France		Lillooet and
Commissioning		Boulder Creek
	of Mesgi'g		facilities in B.C.
	Ugju's'n

1,049

Acquisition of:

• Alterra Power Corp.
• Cartier Wind Farms
• 50% Energía Llaima (Chile)

207

• Acquisition

600 in Chile

• Acquisition of

Mountain Air

• Commissioning of Phoebe and Foard City in Texas

					44
			384	•	Acquisition of
	105				Sault Ste. Marie
	•	Commissioning of	•	solar portfolio
		Disposition of
•	Acquisition of	•	1st storage facility		Spartan and
	Energía Llaima	Acquisition of		Kokomo
	remaining assets		Aela wind assets	•	Commissioning of
•	First acquisition	•	in Chile		Salvador Battery
	under the	Closing of		facility
	Strategic Alliance		largest private
	with Hydro-		placement in
	Québec		Latin America

4,226

Dec-2015

2016

2017

2018

2019

2020

2021

2022

2023

2023 YTD

Key Indicators

YTD 2023 2022 2021 2020 2019 2018 2017 2016

Power Generated (GWh)			Revenues3 and Revenues Proportionate2
Production as a % of LTA1			996
	1000
89%		913	826
800		782
	698
	600
		935
	400		801	780
		594	684
	200
	0

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

		20-year Average	800
		99%
			600
			400
			200
	Production	Compensation4	0
LTA (MW)

2019	2020	2021	2022	YTD 2023
	Revenues and PTCs	JV Revenues

Adjusted EBITDA2,3 and Adjusted EBITDA Proportionate2 ($M)

			674	650	696
			580
517		560		512	549
493
446

2019	2020	2021	2022	YTD 2023
	Adjusted EBITDA	Adjusted EBITDA Proportionate

1

2

3

4

On a continued basis, year 2020 excludes BC Hydro curtailment and 2021-2022 figures exclude economic curtailment at Phoebe.	10
Revenues Proportionate, Adjusted EBITDA and Adjusted EBITDA Proportionate are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Please refer to the Non-IFRS section of this presentation.
As of January 1, 2023, Production Tax Credits ("PTCs"), previously recognized in other net income (expenses), have been reclassified directly below Revenues. Proportionate measures include only Innergex's share of Revenues and Production Tax Credits, and Adjusted EBITDA, of
the joint ventures and associates. The realized portion of the change in fair value of power hedges are included in Adjusted EBITDA.
Total compensation received from insurance, liquidated damages related to performance guarantees, lost energy related to Power Purchase Agreements and arbitration with BC Hydro in 2020.