INE adds battery storage

Article Excerpt

INNERGEX RENEWABLE ENERGY, $8.93, is a buy. The power generator (Toronto symbol INE; Shares outstanding: 204.3 million; Market cap: $1.8 billion; TSINetwork Rating: Extra Risk; Dividend yield: 8.1%; www.innergex.com) has just commissioned its largest storage facility to date—the Salvador battery facility located on the site of the company’s existing Salvador solar facility in Northern Chile has begun operations and is injecting energy into the grid. The renewable energy produced by the solar facility is stored during the day to be dispatched during evening hours to benefit from peak prices on the market at times of greater demand. The Salvador battery facility is expected to generate annual revenues of $11.4 million, while operating expenses are expected to reach $1.2 million yearly. Innergex is a buy. buy…