INNERGEX RENEWABLE ENERGY $8.40 (Toronto symbol INE; Shares outstanding: 94.5 million; Market cap: $802.8 million; TSINetwork Rating: Extra Risk; Dividend yield 6.9%; www.innergex.com) operates 23 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 facilities. Wind farms supply 39% and solar generates 6%.
In contrast to Algonquin, Innergex is growing slowly, mostly by building its own hydroelectric and wind plants, rather than by making acquisitions. Right now, it is developing or building eight projects.
But like Algonquin, Innergex makes sure it has firm long-term power-purchase contracts in place before it starts building new facilities.
In the quarter ended March 31, 2013, Innergex’s cash flow jumped to $0.15 a share from $0.04 a year earlier. Power generation rose mostly on favourable wind conditions and heavier rainfall.
The stock trades at 8.8 times Innergex’s forecast 2013 cash flow of $0.96 a share. It yields 6.9%.
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