There are several definitions used for species, so it depends on which one you are using, but that's not exactly right. It's true that if two populations can't produce fertile offspring they are different species, but that's a very different statement.
What is needed is reproductive isolation, so that they do not normally interbreed, but if they do, you can get fertile offspring. There are some notable examples: wolves, coyotes and dogs. Mules, ligers, tigons, etc. are often infertile, but not always.
one reference
examples of hybrids