Innergex Renewable Energy Inc. placed in service the largest wind project it has ever built.
The 350.3-MW Foard City Wind Project is in Foard County, Texas. It will sell 300 MW to Vistra Energy Corp. under a 12-year power purchase agreement, according to a Sept. 30 news release.
The $290.9 million construction loan for the project was repaid with a $282.3 million tax equity investment, with $23.4 million converted into a seven-year term loan facility with a 10-year amortization period.
Innergex said the project will benefit from U.S. production tax credits, representing 2.5 cents per kWh of electricity produced for the first 10 years of operations. This amounts to an after-tax benefit of about $32.6 million per year, adjusted by inflation annually.
