Company Announcements

• Glass Lewis cites "significant premium" and crystallizing highest value in nearly 2 years as rationale in recommending Innergex common shareholders support the Arrangement
• ISS re-issues report to add positive recommendation for Innergex Series A Preferred Shareholders
• Innergex shareholders who have questions or need assistance in voting should contact Laurel Hill Advisory Group by telephone at 1-877-452-7184 (North American Toll Free) or 1-416- 304-0211 (Outside North America), or by email at assistance@laurelhill.com

LONGUEUIL, QC , April 22, 2025 /CNW/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") is pleased to announce that a second leading independent proxy advisor, Glass Lewis & Co. ("Glass Lewis") has issued recommendations that common shareholders of Innergex ("Innergex Common Shareholders") vote FOR the previously announced plan of arrangement involving the Corporation and CDPQ (the "Arrangement") at the annual and special meeting of shareholders of the Corporation to be held on May 1, 2025 at 4:00 p.m. (Eastern Daylight Time) by live webcast at https://meetnow.global/MVGJCFQ (the "Meeting"). Under the terms of the Arrangement, Innergex Common Shareholders will receive $13.75 for each common share of Innergex owned (other than those already held by CDPQ and its affiliates and the shares to be rolled over by certain members of senior management).

"We are pleased to see Glass Lewis agree with the Special Committee and the Board of Directors of the Corporation that the Arrangement is the most compelling alternative for Innergex", said Monique Mercier, Chair of the board of directors of Innergex and Chair of the Special Committee. "The endorsements of both ISS and Glass Lewis represent important, independent recognition of the exceptional value to be realized by shareholders of the Corporation under the Arrangement."

Glass Lewis is an independent proxy advisor to institutional investors, covering 30,000 shareholder meetings each year, across approximately 100 global markets. Their customers include the majority of the world's largest pension plans, mutual funds, and asset managers who collectively manage over $40 trillion in assets.

ISS Re-issues Report to Add Endorsement of the Series A Preferred Shareholders' Arrangement Resolution

The Glass Lewis advisory report follows an earlier recommendation from Institutional Shareholder Services Inc. ("ISS") that also found that Innergex Common Shareholders should vote FOR all items of business (including the Arrangement Resolution) at the Meeting.

ISS has since re-issued their report with analysis of the Arrangement from the perspective of the holders of cumulative rate reset preferred shares, Series A of Innergex ("Innergex Series A Preferred Shareholders"), also finding that Innergex Series A Preferred Shareholders should vote in favour of the Arrangement. Under the terms of the Arrangement, Innergex Series A Preferred Shareholders will receive $25.00 per Series A preferred share in cash (plus all accrued and unpaid dividends and an amount in cash per Series A preferred share equal to the dividends that would have been payable in respect of such share until January 15, 2026, which is the next available redemption date).

Vote Now – Voting is Both Easy and Important

The deadline for Innergex Common Shareholders and Innergex Series A Preferred Shareholders to submit votes by proxy is Tuesday, April 29, 2025 at 4:00 p.m. (Eastern Daylight Time). The Corporation has mailed the meeting materials to Innergex shareholders, which documents are also available on the SEDAR+ profile of Innergex at www.sedarplus.ca and on Innergex's website at https://www.innergex.com/en/events/annual-and-special-meeting-of-shareholders.

SHAREHOLDER QUESTIONS AND VOTING ASSISTANCE

Innergex shareholders who have questions or need assistance in voting should contact Laurel Hill Advisory Group by telephone at 1-877-452-7184 (North American Toll Free) or 1-416- 304-0211 (Outside North America), or by email at assistance@laurelhill.com.

About Innergex Renewable Energy Inc.

For 35 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 91 operating facilities with an aggregate net installed capacity of 3,737 MW (gross 4,693 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,547 MW), 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,288 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital. To learn more, visit innergex.com or connect with us on LinkedIn.

Cautionary Statement Regarding Forward-Looking Information 

To inform readers of the Corporation's future prospects, this press release contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"), including statements relating to the Arrangement, the ability to complete the transactions contemplated by the arrangement agreement dated February 24, 2025 between the Corporation and CDPQ (the "Arrangement Agreement") and the timing thereof, including the parties' ability to satisfy the conditions to the consummation of the Arrangement, the receipt of the required shareholder approvals, regulatory approvals and court approval and other customary closing conditions, the possibility of any termination of the Arrangement Agreement in accordance with its terms, and the expected benefits to the Corporation and its shareholders of the Arrangement, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as "approximately", "may", "will", "could", "believes", "expects", "intends", "should", "would", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or "forecasts", or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release.

Risks and uncertainties related to the transactions contemplated by the Arrangement Agreement include, but are not limited to: the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and court approvals and other conditions to the closing of the Arrangement or for other reasons; the negative impact that the failure to complete the Arrangement for any reason could have on the price of the Corporation's securities or on its business; CDPQ's failure to pay the consideration at closing of the Arrangement; the failure to realize the expected benefits of the Arrangement; the restrictions imposed on the Corporation while the Arrangement is pending; the business of the Corporation may experience significant disruptions, including loss of clients or employees due to transaction-related uncertainty, industry conditions or other factors; risks relating to employee retention; the risk of regulatory changes that may materially impact the business or the operations of the Corporation; the risk that legal proceedings may be instituted against the Corporation; significant transaction costs or unknown liabilities; and risks related to the diversion of management's attention from the Corporation's ongoing business operations while the Arrangement is pending; and other risks and uncertainties affecting the Corporation. For more information on the risks and uncertainties, please refer to the "Forward-Looking Information" section of the Management's Discussion and Analysis for the year ended December 31, 2024.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in Forward-Looking Information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such Forward-Looking Information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on Forward-Looking Information, which speaks only as of the date made. The Forward-Looking Information contained in this press release represents the Corporation's expectations as of the date of this press release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Corporation disclaims any intention or obligation or undertaking to update or revise any Forward-Looking Information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All of the Forward-Looking Information contained in this press release is expressly qualified by the foregoing cautionary statements.

SOURCE Innergex Renewable Energy Inc.