Longueil, Quebec-based Innergex Renewable Energy Inc., a developer of wind projects, has added the Laurentian Bank of Canada to its lending syndicate and increased its revolving credit facility to $30 million, with a maturity date of Feb. 26, 2010.
The $30 million revolving credit facility can be used for general corporate purposes, including the issuance of letters of credit in connection with the development, construction and operation of renewable power generating projects.
‘This revolving credit facility gives Innergex more flexibility with respect to our cash management for the year to come,’ says Michel Letellier, president and CEO of Innergex. ‘It also offers an advantage when bidding for power purchase agreements issued by public utilities that require performance security in the form of letters of credit.’
The Laurentian Bank of Canada joined the syndicate of lenders already comprised of the Bank of Montreal and The Toronto-Dominion Bank, allowing for the increase to $30 million.
SOURCE: Innergex Renewable Energy Inc.
