The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Nelson Ng - RBC Capital Markets, Research Division - Analyst
: Just a follow-up on the Hawaiian projects. So are you able to essentially walk away from all 4 projects right now? Is there any -- I know you received
a force majeure notice and you passed it on. So does that mean you've essentially pressed the reset button and there's like no liability? Or can Tesla
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MAY 10, 2022 / 9:30PM, INE.TO - Q1 2022 Innergex Renewable Energy Inc Earnings Call
1 one day say, "Hey, we can deliver everything now? Like are you obliged to accept these batteries? And do you still need to deliver any of these
projects by a certain date?"
Question: Nelson Ng - RBC Capital Markets, Research Division - Analyst
: Okay. And then you mentioned earlier that you want to kind of pause the projects and, I guess, stop or pause any additional contributions going
to the project. Are you able to give a rough sense of how much is being invested into at least the project that was under construction?
Question: Nelson Ng - RBC Capital Markets, Research Division - Analyst
: Okay, got it. All right. And then next question is the French PPAs. In terms of breaking the PPAs, like I noticed that I think they were originally the
original PPAs were supposed to expire in 2025 and then you broke the PPAs and then you have new contracts that also expire I guess, at the end
of 2025. And was there a break fee you had to pay? And I guess the other question is, why does it end in 2025? And why don't you extend the term
of those projects?
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MAY 10, 2022 / 9:30PM, INE.TO - Q1 2022 Innergex Renewable Energy Inc Earnings Call
Question: Nelson Ng - RBC Capital Markets, Research Division - Analyst
: Okay, pretty favorable contract. And then I'll try to squeeze in one more question, if I may. In terms of the BC Hydro settlements, Obviously, the
settlement wasn't disclosed. But was it close to the, I guess, lost revenues and maybe you recovered some legal costs as well? Can you give a bit
of color as to whether you are fully made whole?
Question: Nelson Ng - RBC Capital Markets, Research Division - Analyst
: That's a great outcome.
Question: Benjamin Pham - BMO Capital Markets Equity Research - Analyst
: I had 2 cleanup questions. I wasn't sure of my first question is on the 2022 guidance, whether it's EBITDA, free cash flow. I wasn't sure if you mentioned
it. Were you reaffirming that guidance?
Question: Benjamin Pham - BMO Capital Markets Equity Research - Analyst
: Okay, got it. And do you think this year on your payout ratio, there's a potential for it to come in to 100% because you've made some good progress
this quarter, looking at the percentages. I'm just curious how that's trending for the rest of the year.
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