Innergex Renewable Energy Inc

INE.TO

Not Compliant
Exchange
Sector
Headquarters
Group
TSE
Utilities
Canada
Mid cap

Innergex Renewable Energy Inc is not Shariah Compliant because it fails the financial ratios.

0.59%

Impure Income*

-

Purification*

-

Zakat*

Financials

Market cap Group
Analysts' Rating
Price Target (Mean)
Price Target (Low)
Price Target (High)
Total Analysts
Mid cap
HOLD
$9.07
$6.50
$9.93
6
Revenue Growth
Operating Margin
Net Profit Margin
Quick Ratio
Current Ratio
EPS Growth
11.94%
31.10%
0.98%
0.00
0.63
-106.21%

Shariah Compliance

  • Updated on July 26, 2025
Debt
100%
✗
Non-Compliant Assets
2.27%
✓
Impure Income
0.59%
✓

AAOIFI Rulebook:

  • Non-compliant Liabilities (like Interest-based Debt) < 30% of Market cap
  • Non-compliant Assets (like Interest-based Investments) < 30% of Market cap
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: AAOIFI SS21

Debt
100%
✗
Impure Income
0.59%
✓

S&P Sharia Rulebook:

  • Interest-based Debt < 33% of 36-mo avg. Market cap
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: S&P Shariah Methodology

Debt
100%
✗
Impure Income
0.59%
✓

Dow Jones Islamic Market (DJIM) Rulebook:

  • Interest-based Debt < 33% of 24-mo avg. Market cap
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: DJIM Methodology

Debt
69.61%
✗
Cash
2.58%
✓
Cash & AR
5.01%
✓
Impure Income
0.59%
✓

FTSE Shariah Rulebook:

  • Interest-based Debt < 33.33% of Total Assets
  • Cash and interest-bearing items < 33.33% of Total Assets
  • Accounts receivable and cash < 50% of Total Assets
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: FTSE RUSSELL

Debt
69.61%
✗
Cash
2.58%
✓
Cash & AR
5.01%
✓
Impure Income
0.59%
✓

MSCI Islamic Rulebook:

  • Interest-based Debt < 33.33% of Total Assets
  • Cash and interest-bearing items < 33.33% of Total Assets
  • Accounts receivable and cash < 33.33% of Total Assets
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: MSCI Islamic Indexes

Impure Income Breakdown

-
-
Interest Income
0.59%

Note on Purification and Zakat:

  • Purification and Zakat (for long-term investing) calculations are in USD per share and based on AAOIFI methodology. AAOIFI requires purification every financial period (e.g. quarterly). 
  • If you follow S&P Shariah’s Dividend-only purification, then remove the impure income % from the dividends you receive. No purification required for non-dividend paying stocks, according to S&P Shariah.
  • For Zakat, if you did not invest in a company from a long term perspective, then consider the shares as trading goods and give 2.5% of the total value if a year has passed on them. 

Company Profile

Innergex Renewable Energy Inc. is a Canada-based growth-oriented diversified issuer also pursuing renewable energy opportunities, primarily in the solar energy sector. The Company develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities. It conducts operations in Canada, the United States, France and Chile and manages a large portfolio of assets consisting of interests in approximately 91 operating facilities with an aggregate net installed capacity of 3,737 megawatts (MW) (gross 4,693 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and three battery energy storage facilities. The Company also holds interests in approximately 16 projects under development with a net installed capacity of 915 MW (gross 1,547 MW), six of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,244 MW.

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