Innergex Renewable Energy Inc. and the Mi'gmaq communities of Quebec have closed a C$311.7 million non-recourse construction and term project financing for the Mesgi'g Ugju's'n wind project, located in Quebec.
The project is owned by Mesgi'g Ugju's'n Wind Farm LP, an entity controlled 50-50 by the three Mi'gmaq communities of Quebec – Gesgapegiag, Gespeg and Listuguj – and by Innergex, which is also responsible for the management of the construction and the operation of the wind farm.
The project is located on public lands in the Avignon regional county. Construction began in May, and commercial operation is expected to begin in late 2016. The wind farm will have an installed capacity of 150 MW, and all of the project's output is covered by a 20-year, fixed-price power purchase agreement (PPA) with Hydro-Quebec.
‘We are very pleased to have closed the financing for Mesgi'g Ugju's'n, which provides for fixed-rate debt at a very attractive rate and a term closely matching the project's [PPA]. The successful realization of this project is now well under way, with construction progressing on time and on budget,’ states Michel Letellier, president and CEO of Innergex.
The financing has been arranged and underwritten by National Bank Financial Markets as co-lead arranger and sole bookrunner and SunLife Assurance Co. of Canada as co-lead arranger.
