INE stock spikes on Q4 results

Shares of Innergex Renewable (Innergex Renewable Stock Quote, Chart, News, Analysts, Financials TSX:INE) are near the top of the TSX leaderboard today after reporting its fourth quarter results.

On February 21, INE posted its Q4 and fiscal 2023 results. In the fourth quarter, the company delivered Adjusted EBITDA of $175.4-million on revenue of $2.7-billion, up from $2.36-billion in the same period last year.

“We are very pleased to deliver better results for the fourth quarter and fiscal year 2023, while also progressing on our strategic growth initiatives,” CEO Michel Letellier said. “During the fourth quarter, we commissioned our 50 MW/250 MWh (5 hours) Salvador battery energy storage facility in Chile and started delivering energy at the Innavik hydro facility, providing further portfolio diversification, and allowing us to generate attractive risk-adjusted returns on invested capital. We took proactive steps to strengthen our financial position and ensure that we have the necessary financial flexibility required to execute our growth strategy. With the financing for the Boswell Springs project, our partnership with Credit Agricole Assurances in France, and our financing of three unlevered hydro assets, we are well positioned to continue to invest in greenfield development across our key markets. While making progress with our construction projects, we continue to win new project awards, which serve to validate our value proposition and ultimately support our growth trajectory.”

INE concurrently announced a share buyback and halved its dividend, a move the company said would provide it with about $75-million.

At press time, shares of Innergex were up 11.7 per cent to $8.00.

Longueuil, Quebec-based Innergex operates wind energy, run-of-river, and solar farms in Quebec, France, and South America.