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Innergex secures project financing for 4 wind assets

Innergex Renewable Energy Inc. secured C$570.4 million in project financing for four wind projects in Quebec.

The so-called Cartier portfolio includes five operating wind projects Innergex acquired in October. Innergex secured nonrecourse financing for Carleton, Gros-Morne, L'Anse a Valleau and Montagne Sèche. The Baie-des-Sables wind farm is not included in the Cartier credit facility because the project secures the corporate revolving credit facilities, according to a Dec. 19 news release.

With an all-in interest rate of 4.33% for 14 years, proceeds from the Cartier credit facility will be used to repay the existing credit facilities of the L'Anse-à-Valleau, Carleton and Montagne Sèche wind farms and the C$400 million one-year secured bridge loan Innergex secured to acquire the portfolio.

"We are pleased with this financing which surpassed our initial expectation of [C$400] million negotiated for the bridge loan, by [C$69.0] million," Innergex President and CEO Michel Letellier said in the news release.

The company also extended the maturity of its corporate facility to December 2023 from December 2022.

MUFG Bank Ltd. and Bank of Montreal acted as coordinating lead arrangers and joint bookrunners.