Date Closed

December 22, 2010

Lead Office

Montréal

Value

31.70 Million CAD

On December 22, 2010, Innergex Renewable Energy announced that it closed a C$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 Québec.

The financing agreement contracted with National Bank of Canada as sole lender, allows Innergex to finalize the project's financial set-up. The C$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.

Construction of the wind farm has started and its commercial operation is expected to begin as of December 1, 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, headquartered in Longueuil, Québec,  is a leading developer, owner and operator of run-of-river hydroelectric facilities and wind energy projects in North America.

McCarthy Tétrault LLP acted on behalf of Innergex in connection with the financing.