Innergex Renewable Energy continues to expand at a slow and steady pace, although its cash flow has jumped on heavier rainfall.
INNERGEX RENEWABLE ENERGY (Toronto symbol INE; www.innergex.com) operates 29 hydroelectric plants, 13 wind farms and one solar power field. They are spread across Quebec, Ontario, B.C., Idaho and France. The company gets 75% of its power from the hydro plants, 24% from wind and 1% from solar.
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Unlike Algonquin, Innergex is growing slowly by building hydroelectric and solar plants, instead of acquiring them. But like Algonquin, the company makes sure it has long-term power-purchase contracts in place before it starts to build, or buy, new plants.
In the three months ended September 30, 2016, cash flow rose 13.6%, to $0.25 a share from $0.22 a year earlier. That’s because the hydroelectric plants in Quebec and B.C. generated more power due to this year’s heavier rainfall.
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I like the price of Innergex relative to the potential growth ahead. I also like the dividend yield. Thank you for the information.