Transactions & Cases Detail
Innergex Renewable Energy completes C$72 million financing for Northwest Stave River hydroelectric project
May 23, 2013
72 Million CAD
On May 23, 2013, Innergex Renewable Energy Inc. (Innergex) completed a C$72 million non-recourse construction and term project financing for the Northwest Stave River run-of-river hydroelectric project located in British Columbia, Canada.
The financing was arranged by Industrial Alliance Insurance and Financial Services Inc. as agent and lead lender, and includes Stonebridge Infrastructure Debt Fund I L.P. as lender.
The 17.5 MW Northwest Stave River hydroelectric project is located on Crown land, approximately 35 km north of Mission, British Columbia. Construction began in 2011 and commercial operation is expected to begin in the fourth quarter of 2013. Northwest Stave's average annual production is estimated to reach 61,900 MWh, enough to power approximately 6,000 BC households. All of the electricity it will produce will be covered by a 40-year fixed-price power purchase agreement with BC Hydro, which was obtained under that province's 2008 Clean Power Call Request for Proposals and which provides for an annual adjustment to the selling price based on a portion of the Consumer Price Index.
Innergex Renewable Energy, headquartered in Longueuil, Québec, is an independent renewable power producer.
McCarthy Tétrault LLP represented Innergex Renewable Energy, with a team led by Marc Dorion.