Innergex and MMBC Secure C$307M Project Financing for the Mesgi'g Ugju's'n 2 Wind Project in Québec

Innergex Renewable Energy Inc. (Innergex) and Mi'gmawei Mawiomi Business Corporation (MMBC), an organization established by the three Mi’gmaq communities located on the territory of Gespe’gewa’gi, namely, Gesgapegiag, Gespeg and Listuguj, have closed C$307M in project financing for the Mesgi'g Ugju's'n 2 Wind Project, a 102 MW wind project located in the MRC d'Avignon, Québec. Developed in partnership with local communities, the wind project is the result of a 50-50 renewed partnership between Innergex and the three Mi'gmaq communities represented by MMBC. Mesgi'g Ugju's'n 2 will deliver significant clean energy capacity to Hydro-Québec, support regional economic development, and strengthen collaboration between public and private partners in advancing Québec’s renewable energy goals. 

The project financing consists in a C$163.9M green loan, an interconnection bridge loan of C$41.0M and a LC facility of C$10.2M with Canadian Imperial Bank of Commerce, Fédération des caisses Desjardins du Québec and National Bank of Canada as Lenders, Joint Bookrunners, Coordinating Lead Arrangers and Green Loan Coordinators. The financing was structured in accordance with the applicable Green Loan Principles and Fédération des caisses Desjardins du Québec acted as Administrative Agent for the senior lenders syndicate.

The project financing also includes a subordinated construction loan of C$92.5M and an equity loan of C$15.4M provided by a Canadian financial institution, demonstrating the innovative structuring 

Innergex Renewable Energy Inc., based in Quebec, is an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities across Canada, the United States, France and Chile, managing a large portfolio of high-quality assets currently consisting of interests in 91 operating facilities and 16 projects under development, with an aggregate gross installed capacity totaling 10,288 MW.

McCarthy Tetrault advised Innergex Renewable Energy Inc. with a team led by Richard O’Doherty that included, François Dupuis, Quentin Pérès, Amine Kanoun (Financial Services), Mathieu LeBlanc, Charles-Étienne Pressé, Kim Godbout (Commercial), Julie Belley Perron, Morgane Besner (Environment), Annie Gagnon-Larocque, Joannie Jacques, Rafaella Arapovic (Real Estate), Christian Meighen, Geneviève Favreau (Tax).