LONGUEUIL, QC, Dec. 22 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) (« Innergex » or the « Corporation ») announces that on December 22,
2010, it closed a $31.7 million non-recourse construction and term
project financing for the 38% interest it holds in the Montagne-Sèche
wind farm, located in the Township of Cloridorme, in the province of
The financing agreement contracted with National Bank of Canada as sole
lender, allows Innergex to finalize the project's financial set-up. The
$31.7 million construction loan will convert into a four-year term
loan, amortizing over a period of approximately 18.5 years, starting at
the beginning of commercial operation.
"We're satisfied with the financing conditions obtained. The lender also
offered an interest rate hedging facility that covers the amortization
period of the term loan. This provides the project with a fixed
reference interest rate and therefore eliminates the risk of future
increases in the reference interest rate", declared Michel Letellier,
President and Chief Executive Officer of the Corporation.
Construction of the wind farm has started and its commercial operation
is expected to begin as of December 1st, 2011. The wind farm will have a total installed capacity of 58.5 MW,
and is expected to generate 193.4 GWh of energy per year.
The project is backed by a power purchase agreement signed with
Hydro-Québec, by which the utility is committed to buying all the
electricity generated by the project for a period of 20 years, as of
the start of commercial operation. The power purchase agreement namely
sets forth the electricity purchase price as well as its yearly
adjustment based on the consumer price index.
Innergex Renewable Energy Inc. is a leading developer, owner and operator of run-of-river
hydroelectric facilities and wind energy projects in North America.
Innergex's management team has been involved in the renewable power
industry since 1990. Innergex owns a portfolio of projects which
consists of: i) interests in 17 operating facilities with an aggregate
net installed capacity of 326 MW; ii) interests in 7 projects under
development or under construction with an aggregate net installed
capacity of 203 MW for which power purchase agreements have been
secured; and iii) prospective projects of more than 2,000 MW (net).
Investors should note that some statements in this press release are
forward-looking and may not give full weight to all potential risks and
uncertainties. Forward-looking statements are, by their nature, subject
to risks and uncertainties, and actual results, actions or events could
materially differ from those set forth in the forward-looking
statements. All forward-looking statements are only valid as of the
date they were made. Innergex does not undertake to update
forward-looking statements except in accordance with applicable laws.
SOURCE Innergex Renewable Energy Inc.
For further information: For further information:
|Ms. Edith Ducharme, LL.L. |
Director, Financial communication and
Innergex Renewable Energy Inc.
Tel.: 450 928-2550, ext. 222
|Mr. Jean Trudel, MBA|
Vice President, Finance and Investor Relations
Innergex Renewable Energy Inc.
Tel : 450 928-2550, ext. 252