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Innergex
Michel Letellier's Innergex operates 87 hydro, wind, and solar facilities across Canada, France, the US, and Chile.
Innergex
Innergex was founded in 1990 in Longueuil, Quebec, by Michel Letellier, who remains President and CEO. The firm began with a single run-of-river hydroelectric facility and has since grown into one of Canada's largest independent renewable power producers, publicly traded on the TSX under the symbol INE. The founding thesis — that long-term contracted power purchase agreements paired with operational ownership of hydro, wind, and solar assets generate predictable cash flows — has persisted for over three decades. The firm's portfolio spans hydroelectric, wind, and solar generation, with a growing presence in battery storage. Innergex owns and operates 87 facilities representing a net installed capacity of more than 3,600 MW, diversified across Canada, France, the United States, and Chile. The development pipeline includes advanced-stage wind and solar projects in all four jurisdictions. Innergex typically secures long-term power purchase agreements with government entities or utilities before construction, which underpins the balance-sheet resilience of its project-financed structure. Key operating assets include the Flat Top Wind project in Texas and the Phoebe solar-plus-storage facility in California. Innergex's model combines development, construction, and long-term asset operations under one roof, and in January 2024 the firm announced it would jointly acquire the remaining minority interest in its Chilean portfolio alongside a strategic partner. The firm also maintains a dedicated institutional investor partnership with Hydro-Québec through a 50/50 joint venture that pursues international development opportunities. Adjacent vehicles include a significant stake held by Hydro-Québec, which deepens the firm's ties to provincial energy infrastructure. Structurally, Innergex holds a distinctive posture: it is neither a fund-manager with limited-life vehicles nor a traditional developer that sells upon commissioning. The firm retains majority equity stakes in its operating assets and manages them through the entire lifecycle, giving it a permanent-capital advantage and a governance framework that aligns with infrastructure mandates from pension and sovereign investors.
General information
Firm type
Infrastructure
Year founded
1990
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Longueuil
Corporate office
Longueuil, Quebec, Canada
Principals
Michel Letellier
President & CEO
Sector focus
Frequently asked questions
Is Innergex a fund manager or an operating company?
Innergex is an independent power producer and asset manager, not a fund manager. It develops, builds, owns, and operates renewable energy facilities directly, retaining majority equity stakes in its operating assets. The firm generates revenue from long-term power purchase agreements rather than management fees, aligning its economics with asset performance over decades.
How does Innergex source its development pipeline?
Innergex sources projects through a combination of greenfield development, competitive tender processes, and strategic acquisitions of early-stage renewable portfolios. The firm maintains in-house development teams in Canada, France, the US, and Chile. A joint venture with Hydro-Québec provides additional deal flow and co-investment capacity for international projects.
What is Innergex's relationship with Hydro-Québec?
Hydro-Québec holds a significant equity stake in Innergex and the two entities operate a 50/50 joint venture that pursues international renewable energy development and acquisition opportunities. The relationship provides Innergex with patient institutional backing, while giving Hydro-Québec exposure to growth beyond its regulated Quebec utility operations.
Does Innergex invest only in Canadian projects?
No. Innergex operates facilities in Canada, France, the United States, and Chile. As of the most recent public disclosures, the portfolio is diversified across North America and Europe, with France representing the firm's second-largest geographic concentration after Canada.
What technologies does Innergex avoid?
Innergex is exclusively focused on hydroelectric, wind, and solar generation with emerging activity in battery storage. The firm does not invest in nuclear, natural gas, coal, or any thermal generation technologies. Its development mandate is limited to renewable energy sources that qualify for long-term contracted revenue structures.
Who runs investment decisions at Innergex?
Michel Letellier, the founder, serves as President and CEO and has led the firm's strategic direction since 1990. While specific investment-committee structures are not publicly detailed, the firm's concentrated mandate — long-term ownership of contracted renewable assets — means senior management decision-making is integrated with operational oversight of the existing portfolio.
How does Innergex finance its project development?
Innergex uses project-level non-recourse debt combined with corporate equity and tax-equity structures for US projects. Long-term power purchase agreements with creditworthy counterparties underpin the debt financing. The firm also recycles capital through minority-stake sales and joint-venture partnerships to fund new development.
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