Longueuil, Quebec-based Innergex Renewable Energy Inc. has closed the C$53.4 million nonrecourse project financing for its 38% interest in the Carleton wind farm in Quebec. The Carleton wind farm was built on time and on budget, and commercial in-service occurred Nov. 22.
Two major international financial institutions acted as joint lead arrangers to underwrite the credit facility. The C$53.4 million construction loan will convert to a five-year term loan amortizing over an 18.5-year period. The lenders also provided an 18.5-year swap facility in order to hedge the project from any adverse future interest rate movements.
‘Stemming from the long-term relationships we have established with strong financial institutions, closing this financing in the current market demonstrates that high quality projects can still attract funding at interesting terms and conditions,’ says Michel Letellier, president and CEO of Innergex.
The Carleton wind farm has secured a 20-year power purchase agreement with Hydro-Quebec for of all the energy generated by the facility. The Carleton wind farm comprises of 73 wind turbines, representing 109.5 MW of total installed capacity, which should generate over 340,000 MWh of energy per year.
SOURCE: Innergex Renewable Energy Inc.