INNERGEX RENEWABLE ENERGY $10.16 - Toronto symbol INE

INNERGEX RENEWABLE ENERGY $10.16 (Toronto symbol INE; Shares outstanding: 93.7 million; Market cap: $952.0 million; TSINetwork Rating: Extra Risk; Dividend yield 5.7%; www.innergex.com) operates 22 hydroelectric facilities, five wind farms and one solar-power plant in Quebec, Ontario, B.C. and Idaho. Innergex gets 55% of its power from hydroelectric plants. Wind farms supply 39% and solar generates 6%.

Like Algonquin, Innergex makes sure it has firm long-term power-purchase contracts in place before it makes acquisitions or starts building new facilities.

Innergex aims to keep increasing its hydroelectric and wind-power capacity; right now, it is developing or building eight projects.

The company’s earnings per share fell to $0.03 in the three months ended September 30, 2012, from $0.10 a year earlier. But that was mainly because power generation hit record levels a year earlier on exceptional rainfall and wind conditions.

Innergex trades at 10.9 times its forecast 2013 cash flow of $0.93 a share. It yields 5.7%.

Innergex Renewable Energy is a buy.

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