New Projects, Wind

Innergex closes financing on Canadian wind power project

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Innergex Renewable Energy Inc. has closed C$61.7 million ($59.6 million) in financing for the Viger-Denonville wind power project in Quebec, Canada. The 24.6 MW wind power project is located on private lands in the municipalities of Saint-Paul-de-la-Croix and Saint Épiphane.

The $61.7 million loan will carry a fixed interest rate of 6 percent and will convert into an 180-year term loan following the start of the project’s commercial operation. The loan was arranged by KfW IPEX-Bank GmbH as agent and lender.

Construction on the project is expected to begin in spring 2013, with commercial operation commencing in the fourth quarter 2014. The project has a 20-year power purchase agreement with Hydro-Québec.

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