Innergex Renewable Energy has closed a non recourse financing of CAD570.4 million (US$423 million) with regards to four operating wind farms, located in the Gaspé peninsula of Quebec.
Innergex completed the acquisition of the wind portfolio on October 2018 from TransCanada.
The proceeds from the debt will be used to repay the CAD400 million (US$301 million) one year secured bridge loan granted to the company, while acquiring the five Cartier wind farms. The loan has a term of 14 years.
The financing has been provided by MUFG Bank, Bank of Montreal. Canadian Imperial Bank of Commerce, Sumitomo Mitsui Banking Corp and Bayerische Landes Bank acted as lead arrangers.
The four wind farms are 109.5 MW Carleton, 100.5 MW Gros-Morne, 100.5 MW L’Anse-à-Valleau and 58.5 MW Montagne Sèche, located in the Gaspé peninsula of Quebec. The fifth wind farm, 109.5 MW Baie-des-Sables has not been included, as it secures the corporate revolving credit facilities.
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