Innergex Renewable Energy in partnership with the Pituvik Landholding Corporation is set to build a 7.5 MW run-of-river hydropower plant on the Inukjuak River near Inukjuak, Nunavik, in Quebec, Canada.
The 50/50 partnership of the two developers will realize the CAD125 million (US$93 million) project that aims to replace the energy produced by fossil fuels. Innergex will be responsible for overseeing the construction and operation of the facility, with site preparation seen to start in the fourth quarter of 2019. The project is expected to be operational by 2022.
The hydropower plant has a 40-year power purchase agreement (PPA) deal with Hydro-Quebec that needs to be approved by the Regie de l’energie. The projected adjusted EBITDA for the Innavik Project’s first full year of operation is approximately
CAD9 million (US$6.7 million).
