Date Closed

September 2, 2008

Lead Office

Vancouver

Value

8.00 Million CAD

On September 2, 2008, Innergex Renewable Energy Inc. (the “Corporation”) announced it has completed its previously announced acquisition of a 66?% interest in rights relating to 18 prospective hydroelectric projects representing an aggregate 200 MW of installed capacity located in the Lower Mainland of British Columbia (the “Projects”). The remaining 33?% interest in the Projects remains held by Ledcor Power Group Ltd. (“Ledcor”).

This acquisition reinforces the Corporation’s position as one of the most important renewable energy developers in Canada, with an aggregate capacity of 2,273 MW in operation, development and prospective projects.

These 18 run-of-river hydroelectric power projects could produce over 1,000 GW-hr of clean energy for the Province, meeting the needs of approximately 98,000 B.C. homes.

The Corporation paid C$8 million in cash for this acquisition. Furthermore the Corporation issued 200,000 warrants to Ledcor, exercisable for a period of 24 months of the date hereof, at an exercise price of $12.50 per share. The listing of the additional 200,000 common shares issuable upon exercise of the warrants was conditionally approved by the Toronto Stock Exchange.

Innergex Renewable Energy, headquartered in Longueil, Québec, is a developer, owner and operator of run-of-river hydroelectric facilities and wind energy projects in North America.

McCarthy Tétrault LLP acted as corporate counsel to Innergex, as acquirer, with a team led by Marc Dorion.