With its clean, renewable power, this company has strong conceptual appeal for investors. But just as important—especially considering the pandemic—is its diverse mix of hydroelectric, wind and solar power.
That diversity, along with long-term contracts, provides stable cash flows. That lets this utility firm continue to build up its operations and add to your distributions.
A pair of recent acquisitions further diversifies the firm’s geographic and energy mix.
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INNERGEX RENEWABLE ENERGY (Toronto symbol INE; www.innergex.com) is a #1 Buy for 2022. The power generator operates 40 hydroelectric plants, 32 wind farms and eight solar power fields. They’re spread across Canada, the U.S., France and Chile.
In February 2020, Innergex formed an alliance with Hydro-Quebec to expand their renewable energy businesses. Hydro-Quebec also bought $661 million of Innergex stock for a 19.9% stake in the company.
The company now expects to increase its gross earnings from $578 million in 2021 to $870 million in 2025. This is separate from its alliance with Hydro-Quebec to expand its renewable energy businesses.
In the quarter ended March 31, 2022, Innergex’s revenue jumped 40.1%, to $188.7 million from $134.7 million a year earlier. Cash flow per share rose 74.1%, to $0.47 from $0.27. Those increases were due to higher hydroelectric generation and new plant startups.
Acquisitions helped as well, including the purchase, in partnership with Hydro-Quebec, of Curtis Palmer. That’s a 60 megawatt run-of-river hydroelectric portfolio located in Corinth, New York. The purchase price was $387.5 million.
In January 2022, Innergex also announced the acquisition of the 50.6-megawatt San Andres solar farm located in the Atacama desert in Northern Chile.
The purchase price is $32.7 million. The facility has a contract until 2034 to sell Non-Conventional Renewable Energy (NCRE) credits linked to its electricity generation for a major energy producer established in Chile.
San Andres will be Innergex’s third solar facility in Chile. The plant is expected to reach targeted revenues of $7.0 million in its first full year. Some $1.7 million will derive from the sale of the NCREs.
Going forward, the support of Hydro-Quebec will continue to help Innergex expand more quickly, and it also gives it a strong financial partner.
With the April 2020 payment, the company increased its quarterly dividend by 2.9%, to $0.18 a share from $0.175. The annual rate of $0.72 yields a high 3.9%. However, Innergex has decided to maintain the current rate to preserve cash for its growth plans.
The company’s shares trade at a reasonable 18.7 times its projected 2022 cash flow of $1.00 a share.
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