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INNERGEX Renewable Energy . Sustainable Development . News Release For immediate distribution INNERGEX Q1 2021 : ENHANCED SUPPORT TO RENEWABLE ENERGY CREATES OPPORTUNITIES , DESPITE CHALLENGING CONDITIONS IN THE PAST MONTHS " * * A Supplemental Information section was added to the 2021 First Quarter Report in order to normalize key financial metrics due to the February 2021 Texas Events . The information contained within this press release is presented on a normalized basis . Unprecedented weather conditions in Texas negatively impacted financial results in the first quarter of 2021 . Revenues Proportionate , on a normalized basis , up 1 % to $ 166.5 million in Q1 2021 compared with Q1 2020 . Adjusted EBITDA Proportionate , on a normalized basis , down 2 % to $ 113.6 million in Q1 2021 compared with Q1 2020 . ■ Construction activities at the Hillcrest solar project and Griffin Trail wind project are progressing well . ■ The recently announced carbon reduction initiatives creates opportunities for future renewable energy projects . All amounts are in thousands of Canadian dollars , unless otherwise indicated and are for continuing operations unless otherwise indicated . LONGUEUIL , Quebec , May 11 , 2021 - Innergex Renewable Energy Inc. ( TSX : INE ) ( " Innergex " or the " Corporation " ) today released its operating and financial results for the first quarter ended March 31 , 2021 . " Following the February 2021 Texas Events , we are pleased to report that there were no injuries to our crews . Despite the financial hardships sustained by some of our facilities in that region , we are grateful to have already started a transition away from power hedges , exampled by the Foard City and Griffin Trail power sale structures , and to have continued our diversification of assets across technologies and geographic segments , including adding facilities in the United States outside of Texas to avoid any such potential future events that could have a significant impact on our consolidated results , " said Michel Letellier , President and Chief Executive Officer of Innergex . " In the last quarter , we continued to advance construction and development activities with both the Hillcrest solar project and Griffin Trail wind project achieving significant milestones towards full commissioning . To continue growing our increasingly diversifying portfolio , we are pursuing development activities with a pipeline of strong prospective projects . Given the new momentum created by recently announced carbon reduction political commitments , the market outlook is very positive for new renewable energy facilities . Innergex will contribute to these commitments while keeping ESG criteria at the centre of its actions , as illustrated in our 2020 Sustainability Report published today . " 1