Innergex closes financing for Quebec wind farm
- Innergex Renewable Energy
- KfW IPEX Bank
Innergex Renewable Energy Inc. has announced that Parc éolien communautaire Viger-Denonville, s.e.c. has closed a $61.7 million nonrecourse construction and term project financing for the Viger-Denonville wind energy project located in Quebec, Canada.
Michel Letellier, President and Chief Executive Officer of Innergex said:
"As manager and co-owner of the Viger-Denonville project, we are satisfied with the terms of this financing agreement, and we are especially pleased to have concluded this agreement with a new financial partner, widening our banking relationships."
The $61.7 million construction loan will carry a fixed interest rate of 6.0% (through the use of swaps) starting on December 31, 2013; following the start of the project's commercial operation, it will convert into an 18-year term loan.
Parc éolien communautaire Viger-Denonville, s.e.c. has also closed a short-term loan of $5.5 million carrying a floating interest rate, to finance the construction of the substation and collector system, for which it is entitled to be reimbursed by Hydro-Québec in 2014.
These loans have been arranged by KfW IPEX-Bank GmbH as agent and lender.
Developed by Parc éolien communautaire Viger-Denonville, s.e.c., a 50-50 joint venture between Innergex and the Rivière-du-Loup Regional County Municipality, the 24.6 MW Viger-Denonville wind energy project is located entirely on private lands in the Quebec municipalities of Saint-Paul-de-la-Croix and Saint-Épiphane. Construction began in the spring of 2013 and commercial operation is expected to begin in the fourth quarter of 2013.
All of the electricity it will produce will be covered by a 20-year fixed-price power purchase agreement with Hydro-Québec.
Innergex Renewable Energy Inc. is a Canadian independent renewable power producer. Active since 1990, the Company develops, owns, and operates run-of-river hydroelectric facilities, wind farms, and solar photovoltaic farms and carries out its operations in Quebec, Ontario, British Columbia, and Idaho, USA.