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Innergex announces the acquisition of Stardale solar project

Mr. Michel Letellier, President and Chief Executive Officer of Innergex, shared his enthusiasm for this first investment in solar energy for the renewable energy producer, saying "We have been studying the solar industry for quite some time now. The solar technology is proven, reliable and simple, and we believe the construction and operational risks are minimal. In addition, the sun provides for a very stable and predictable resource which Innergex believe will result in the Stardale Project generating a stable stream of cash flows for the next 20 years and beyond."

Mr. Rafael Dobrzynski, Chief Executive Officer of Enfinity Americas, spoke about the transaction with Innergex, commenting "We are developing the Stardale Project with the highest degree of care for the neighbouring communities, the environment and all the stakeholders. With its knowledge of the Ontario market, its development philosophy and financing capabilities, Innergex is the ideal partner to bring the Stardale Project through the finish line. We are also very pleased to continue our association with Innergex, acting as its engineering, procurement and construction ("EPC") contractor and long-term operations and maintenance ("O&M") provider for the Stardale Project."

Construction of the Stardale Project began in November 2010, and is expected to be completed by February 2012. The Stardale project is being developed on two parcels of land totalling 300 acres, located in East-Hawkesbury, in the Russell County of Ontario, Canada. The Stardale Project consists of a ground-mounted PV array system, which is to include a total of approximately 144,060 SolarWorld SW 230 polycrystalline PV modules and 54 inverters, for a total installed capacity of 27 MWAC (33.2 MWDC). The forecast electric output is estimated at 39 GWh, enough to provide electricity to approximately 2,600 homes.