Innergex Renewable Energy (Innergex) and Mi’gmawei Mawiomi Business Corporation (MMBC) have reached financial close for the construction and operation of the Mesgi’g Ugju’s’n 2 wind project in Quebec. The wind project has a capacity of 102 MW. The wind project is located in MRC d’Avignon and is an extension of the existing 150 MW Mesgi’g Ugju’s’n wind facility, which was commissioned in 2016. The project is expected to be commissioned in 2026.
The financing comprises a $163.9 million green loan and an interconnection bridge loan of $41 million. It also consists of a LC facility of $10.2 million with CIBC, Desjardins Group, and National Bank of Canada as lenders, joint bookrunners, coordinating lead arrangers, and green loan coordinators. Additionally, the project financing includes a subordinated construction loan of $92.5 million and an equity loan of $15.4 million provided by a Canadian financial institution.
The electricity generated by the project will be sold under a 30-year take-or-pay power purchase agreement indexed to 25 per cent inflation with HydroQuébec. Furthermore, the wind project is the result of a 50-50 renewed partnership between Innergex and the three Mi’gmaq communities in Quebec, namely Gesgapegiag, Gespeg, and Listuguj, that MMBC represents.
