The following is a summary of the Innergex Renewable Energy Inc. (INGXF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Innergex posted Q4 adjusted EBITDA proportionate of CAD186 million, a 30% YoY increase.
The full-year 2023 saw a 12% YoY increase in adjusted EBITDA proportionate, reaching CAD735 million.
Free cash flow for the year on a normalized basis would have fallen between CAD197 million and CAD212 million.
In 2024, Innergex expects adjusted EBITDA proportionate to range between CAD725 million to CAD775 million and free cash flow/share prior to prospective expenses to be between CAD0.70 to CAD0.85 per share.
Innergex launched an NCIB program to strategically repurchase up to 5% of outstanding shares.
Business Progress:
The company revised its capital allocation strategy to focus on greenfield development and decrease reliance on acquisitions of operating assets.
A diverse pipeline of prospective projects enables a disciplined approach to self-funded growth, emphasizing quality over quantity.
Target dividend payout ratio from 30% to 50% is set as part of the company's capital allocation strategy for 2024.
Moderate growth is expected in 2024, with a projection for more significant growth in 2025 once the under-construction projects are commissioned.
Project development, particularly in Canada, will utilize existing relationships with First Nation communities and utility customers.
The company aims for 100% renewable energy, focusing on diversifying geographically and ensuring long term cash flow through high-quality Power Purchase Agreements.
The company sees the next decade as promising for the growth of renewable energy across all core markets: Canada, U.S., Chile, and France.
More details: Innergex Renewable Energy Inc. IR
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