FINANCIAL HIGHLIGHTS Production was 96% of the long-term average ("LTA") for the year ended December 31, 2019. Revenues increased 16% to $557.0 million for the year ended December 31, 2019. Adjusted EBITDA rose 16% to $409.2 million for the year ended December 31, 2019, corresponding to an Adjusted EBITDA Margin of 73.5%. Adjusted EBITDA Proportionate increased 21% to $516.8 million for the year ended December 31, 2019. Full commissioning of the Foard City wind farm on September 27, 2019 and the Phoebe solar farm on November 19, 2019. Signing of a long-term Power Purchase Agreement for the Hillcrest Solar Project in Ohio, USA on November 28, 2019. On February 6, 2020, Innergex and Hydro-Québec announced a $661 million Private Placement and a Strategic Alliance. Year ended December 311 2019 2018 2017 OPERATING RESULTS Production (MWh) 6,509,622 5,086,497 4,394,210 Revenues 557,042 481,418 400,263 Adjusted EBITDA2 409,175 352,179 298,728 Adjusted EBITDA Margin2 73.5% 73.2% 74.6% Net (Loss) Earnings From Continuing Operations (53,026) 26,215 19,136 Net (Loss) Earnings (31,211) 25,718 19,136 Adjusted Net (Loss) Earnings From Continuing Operations2 (25,817) 13,963 15,662 PROPORTIONATE Production Proportionate (MWh)2 8,021,758 6,361,733 4,497,943 Revenues Proportionate2 660,941 564,686 411,468 Adjusted EBITDA Proportionate2 516,819 428,684 308,343 COMMON SHARES Dividends declared on common shares 95,046 90,215 71,621 Weighted Average Number of Common Shares (in 000s) 134,658 130,030 108,427 CASH FLOW AND PAYOUT RATIO Cash Flow From Operating Activities 240,065 209,390 192,451 Free Cash Flow2,3 93,311 105,124 87,207 Payout Ratio2,3 102% 86% 82% Adjusted Payout Ratio2,3 88% 66% 64% As at December 31 2019 2018 2017 FINANCIAL POSITION Total Assets 6,372,104 6,516,158 4,190,456 Total Liabilities 5,756,778 5,574,121 3,737,194 Non-Controlling Interests 10,942 312,776 14,920 Equity Attributable to Owners 604,384 629,261 438,342 1. Results from continuing operations unless otherwise indicated. 2. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Earnings (Loss) from continuing operations, Production Proportionate, Revenues Proportionate, Adjusted EBITDA Proportionate, Free Cash Flow, Payout Ratio and Adjusted Payout Ratio are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Production Proportionate is a key performance indicator for the Corporation that cannot be reconciled with an IFRS measure. Please refer to the "Non-IFRS Measures" section of this MD&A for more information. 3. For more information on the calculation and explanation, please refer to the "Free Cash Flow and Payout Ratio" section. Innergex Renewable Energy Inc. Management's Discussion and Analysis p3 Annual Report 2019 (in thousands of Canadian dollars, except as noted and amounts per share) MESSAGE TO SHAREHOLDERS 30 YEARS OF BUILDING A BETTER WORLD 2020 marks our 30th year as custodians of the planet. From day one, our efforts have focused on producing energy from renewable sources in support of a greener future. We take pride in our contribution in building a better world thanks to renewable energy, while generating significant, positive benefits for the Three Ps: People, our Planet and Prosperity. With a net installed capacity of 2,588 MW comprised exclusively of renewable energy, well above our 2020 objective of 2,000 MW, it is with boundless optimism that we enter this new decade. 2019 may go down in history as the year in which climate change became a fundamental issue. The world’s youth have mobilized to deliver a strong message which we hope will serve as wake-up call for key decision-makers and corporations. As for Innergex, we view this message as an urge to pursue our development efforts in harmony with nature. Our sustainable growth model has produced and continues to generate shareholder value while delivering benefits that we share with communities. Our Three Ps philosophy, therefore, inspires us to lead this path. OUR ACTIONS The year 2019 was marked by the sale of our participation in HS Orka and the completion of two major projects. We launched Foard City, our largest wind farm project to date, with an installed capacity of 350 MW, as well as a massive 250 MW solar farm, Phoebe, in Texas. These two major projects confirmed our ability to deliver projects on time and on budget. The experience acquired in the solar energy sector will serve us well as we pursue the development of this technology in the U.S. We have also begun work on the Innavik hydroelectric generating station in Nunavik, in Quebec's Far North region, which is expected to be commissioned by 2022. This 7.5 MW project symbolizes everything we believe in. This generating station is being developed in a 50-50 partnership with the Pituvik Landholding Corporation, an entity stemming from the Inuit community responsible for undertaking this project, which is in complete harmony with nature. In addition, this project will act as a lever for the sustainable development of the community. Solar energy is an increasingly important component in our development prospects. In Ohio, we signed a power purchase agreement with a major partner for clean energy produced by our 200 MW Hillcrest solar project, which is currently under construction. In Hawaii, development continues on our Paeahu and Hale Kuawehi integrated solar and battery storage projects to help decarbonize the energy supply of their respective islands, which are otherwise supplied by fossil fuel generation. OUR PROJECTS The growth that we have experienced over the past few years has allowed us to consolidate our hydro, wind and solar power expertise in a growing number of markets, and sustainability will continue to be the driving force behind all future development. In keeping with our diversification strategy, Phoebe has allowed us to substantially increase our installed solar capacity over the past year. Consequently, we can offer technologies tailored to local renewable resources and markets, thus compensating for variables such as weather in markets where our activities are concentrated. The U.S. represents a vast, growing market, and we plan to develop several solar projects in various regions of the country. Consequently, we have undertaken initiatives to procure solar panels in the U.S. before the current tax incentives expire. We will continue our development initiatives in France, as there are numerous opportunities in wind power and other renewable energies. Although project development may take longer than in other markets, we strongly believe in France's potential, given the ambitious green energy objectives that are in place. For example, our partnership with Vent d'Est allows us to draw on additional wind energy development expertise. Innergex Renewable Energy Inc. Message to shareholders p8 Annual Report 2019 (in thousands of Canadian dollars, except as noted and amounts per share) We also see enormous potential in Chile and elsewhere in Latin America, where a variety of renewable energy solutions are in demand. Development opportunities in Canada, mainly in provinces other than those where we are currently active, remain on our agenda, but they are evolving at different speeds according to local imperatives. In addition to renewable power generation, we are closely monitoring advancements in technology and the evolution of renewable energy markets. We know that the electricity market will evolve beyond the traditional "production, transportation and consumption" model. Energy storage, which we are deploying in our Hawaii projects, represents an important evolution that we intend to master. Costs continue to drop, and the development of new technologies is steadily progressing, which is very promising. Globally, we are encouraged by the new ways of viewing the procurement of renewable energy as a means to reduce carbon emissions. In February 2020, we have announced the creation of a Strategic Alliance with Hydro-Québec. The Alliance will enable us to realize co-investments to accelerate the development of renewable energy by combining Innergex’s know-how, notably of international markets, with that of Hydro-Québec, for instance in battery storage. Thanks to our new main shareholder Hydro-Québec, we have access to extra means that will enable us to realize clean energy projects that are larger and more diversified, always respecting the sustainable development principles we hold dear. OUR PEOPLE Our 3 Ps philosophy – People, Planet and Prosperity – guides our actions and ensures our sustainable growth. We are proud to have launched new communication tools in 2019 that detail tangible examples of the steps we are taking to improve the environment, society and our own governance. We are fortunate to be able to count on a passionate and talented team whose members work hard, day in and day out, to build a better world. We promote a culture that creates a safe, healthy and supportive environment for everyone to grow. Our extended family is comprised of over 410 employees, who enable us to efficiently operate our high-value assets and continue to evolve. Thank you for your daily efforts. We also draw inspiration from our numerous, outstanding community partnerships. We believe that sustainable development, above and beyond the shared respect for the environment, is also about the well-being of host communities, our partners and all other stakeholders involved in our projects. The positive impact of our facilities on local communities is a difference maker, which validates the relevance of our approach and values. Thank you for welcoming us into your homes and placing your trust with us. Investors are increasingly interested in supporting the growth of renewable energy, a thriving industry.