Transactions & Cases Detail
Kwoiek Creek Resources Limited Partnership closes non-recourse construction and term project financing
July 16, 2012
168.5 Million CAD
On July 16, 2012, Kwoiek Creek Resources Limited Partnership ("KCRLP"), an entity owned equally by Innergex Renewable Energy Inc. ("Innergex") and the Kanaka Bar Indian Band (the "Kanaka"), and a group of life insurance companies comprised of The Manufacturers Life Insurance Company ("Manulife"), as agent and lead lender, and The Canada Life Assurance Company and The Great-West Life Assurance Company ("Great-West"), as lenders, closed a C$168.5 million non-recourse construction and term project financing for the Kwoiek Creek run-of-river hydroelectric project. The 49.9 MW project will be located on the Kanaka's reserve lands on Kwoiek Creek south of Lytton, British Columbia and is expected to reach commercial operation in late 2013. Electricity generated by the project will be sold under a 40 year electricity purchase agreement with BC Hydro.
Innergex Renewable Energy, headquartered in Longueuil, Québec, is a developer, owner and operator of run-of-river hydroelectric facilities, wind energy and solar farms in North America.
McCarthy Tétrault LLP represented Innergex Renewable Energy, with a team led by Richard O'Doherty.