Favourable hydrology plus wind farm acquisitions helped increase electricity production by 41% to nearly 236.8GWh in the three months to 30 September. The output was overall 12% over the long-term average but comparable figures for Q3 in the previous year, on a like-for-like basis, were not disclosed.
However, the Fund reported that hydroelectric output was 12% over the long-term average and also 17% more than Q3 in 2007. In the first nine months the hydroelectric output also contributed more than the long-term average, it said.
The Fund is an open-ended income trust with indirect ownership in 10 hydro power plants, and the move into wind power has been a recent strategic step. The portfolio has a net installed capacity of 210MW.
In Q3, the Fund’s earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by half to Can$12.5M (US$10.3M). Gross operating revenues were also up by almost 50% to Can$15.4M (US$12.6M).
The Fund’s facilities are managed by Innergex Renewable Energy, Inc. In April, it agreed with Ledcor Power Group to develop a portfolio of hydro power projects in British Columbia. They plan 18 run-of-river projects with combined installed capacity of more than 200MW. Innergex plans to invest about US$8M into the JV, which it has two-thirds control.
