EDF power solutions Canada and Énergie Renouvelable Granit Inc have announced that the Haute-Chaudière wind project in Quebec, Canada has secured non-recourse construction and term financing, enabling the start of construction. The 124 MW project, located in the Regional County Municipality of Granit, received the funding from a group of lenders that includes National Bank of Canada, Canadian Imperial Bank of Commerce, Desjardins Group, KfW IPEX-Bank, and Sumitomo Mitsui Trust Bank. These institutions jointly served as coordinating lead arrangers, while National Bank of Canada acted as the administrative agent.
The financing structure was aligned with Green Loan Principles, with several lenders like National Bank Financial, CIBC, Desjardins Group and Sumitomo Mitsui Trust Bank, Limited, New York Branch serving as green loan coordinators. Elliott acted as the legal counsel to the project for the transaction, while Blake, Cassels and Graydon LLP represented the lenders. The project site spans private and public forest land across Frontenac, Audet, and the City of Lac-Mégantic. It will deploy 20 Vestas 6.2 MW turbines, which will be connected to the Lac-Mégantic substation. Additionally, it will reportedly generate electricity equivalent to the consumption of more than 20,000 homes each year.
Furthermore, the project is expected to support regional decarbonisation efforts and deliver local economic gains. The project will deliver more than CAD $60 million in shared revenues over 30 years to 19 municipalities in the region, along with over CAD $18 million for host communities. A long-term 30-year power purchase agreement has been signed with Hydro-Québec as the offtaker. Construction began in November 2025 and is expected to continue until the planned commissioning in early 2027. More than 150 jobs will be created during the construction period.
