10:43 AM EST, 01/13/2025 (MT Newswires) -- Innergex Renewable Energy ( INGXF ) on Monday said its Boswell Springs wind farm, located in Wyoming, USA, reached commercial operation on Dec. 31, 2024, and has begun delivering clean electricity to the grid under a long-term power purchase agreement (PPA) with PacifiCorp.

"We are proud to see the Boswell Springs Wind Farm reach commercial operation and begin delivering renewable energy," said Innergex Chief Executive Michel Letellier. "This achievement reflects the hard work of our teams and partners who were committed to delivering this accretive project."

INE noted electricity produced by the Boswell Springs Wind Farm is sold under a 30-year, 320 MW busbar power purchase agreement signed with PacifiCorp, serving more than two million customers in six western states. The produced energy is transported to its interconnection point through a newly constructed 34.5 miles 230 kV generation-tie line built by Innergex.

National Bank -- which has an Outperform rating and C$17 Target on the stock -- concluded that completion of the Boswell Springs wind farm is a de-risking event for INE, that should support growth in EBITDA, diversification of production and a reduction in Ccorporate debt (where National has the EV/EBITDA multiple on INE dropping to near 9.4 times 2025 estimates from near 11.8 times 2024 estimate). National's target of C$17 per share is based on a long-term DCF with a cost of equity of 7.50%.

Shares of the company were last seen down $0.06 at $7.72 in early morning trade on the Toronto Stock Exchange.

Price: 7.71, Change: -0.07, Percent Change: -0.90