Umbata Falls project boosts Innergex revenues

Second-quarter revenues more the tripled at Innergex Renewable Energy Inc., driven primarily by the commissioning of the Umbata Falls hydro project in Ontario and the Carleton wind farm in Quebec, the company reported.

In January, the 23-MW Umbata Falls project on the White River began generating power. (HydroWorld 1/9/09) The Ontario Power Authority agreed to purchase Umbata Falls’ generation over 20 years.

For the quarter ending June 30, 2009, Innergex revenues totaled $7.5 million, up from $2.4 million during the same period in 2008. Net income totaled $8.4 million, or 36 cents a share, up from $1.3 million, or 6 cents a share, in the second quarter of 2008.

Meanwhile, the construction of the Fitzsimmons Creek hydro project (7.5 MW) in British Columbia is about six months ahead of schedule, Innergex said. Company officials now expect to begin commercial production in the second quarter of 2010. In July, the Canadian government agreed to provide the Fitzsimmons Creek project incentive payments under Canada’s ecoEnergy for Renewable Power Program. (HydroWorld 7/23/09)

The program provides a C$10 (US$8.5) per MWh incentive payment for the first ten years of operation.

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