From Marketwire – Feb 14, 2011

Innergex Renewable Energy Inc. (TSX:INE) (“Innergex” or
the “Corporation”) announces that it has entered into a definitive
agreement (the “Agreement”) with the shareholders of Cloudworks Energy
Inc. (“Cloudworks”) to acquire all of the issued and outstanding shares
of Cloudworks (the “Acquisition”). Pursuant to the Agreement, and
subject to certain adjustments, Cloudworks will be purchased for an
aggregate consideration of $185 million (the “Purchase Price”),
approximately $ 145.7 million of which will be payable in cash (the
“Cash Consideration”) and approximately $39.3 million of which will be
payable by the issuance, by way of private placement, of common shares
of the Corporation. In addition to the Purchase Price, the vendors will
be entitled to receive conditional deferred payments. The conditional
deferred payments provide for a potential sharing of the value created
if the Cloudworks assets perform better than expected and would result
in incremental accretion to Innergex, net of these payments.

Headquartered in Vancouver, British Columbia and founded in
2000, Cloudworks currently employs 30 people. Cloudworks’ portfolio of
assets consists of an interest of 50.01% in six run-of-river
hydroelectric facilities having a combined gross installed capacity of
150 MW (the “Harrison Operating Facilities”); full ownership of 76 MW of
run-of-river hydroelectric projects under development with 40-year
power purchase agreements (“PPAs”) (the “Cloudworks Development
Projects”); and full ownership of run-of-river hydroelectric projects in
various stages of development having a potential aggregate installed
capacity of over 800 MW (the “Cloudworks Prospective Projects”).

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