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(Photo courtesy of Invenergy and the Alliance de l’énergie de l’Est)
Energy generation, transmission and storage facilities developer Invenergy and the Alliance de l’énergie de l’Est, a consortium of 209 municipalities and territories in Eastern Quebec, have announced the closing of $1.1 billion in financing for the Pohénégamook-Picard-Saint-Antonin-Wolastokuk 1 (PPAW 1) Wind Energy Centrein the Bas-Saint Laurent region in Quebec.
Construction of the project will be managed by CRT FGM, a partnership between Gilbert Group and CRT Construction. The project will include 140 kilometres of roads, 340 drainage structures, as well as 133 kilometres of collector network to connect the wind turbines to the electricity grid, among other things. The work, which will create 350 jobs during construction, will happen throughout 2025 and 2026, with commercial operation of the facility expected to occur in late 2026.
“Invenergy is a global company with strong local roots, particularly in Quebec,” stated Louis Robert, vice-president of development of renewable energy at Invenergy. “The project financing we have put together aligns with who we are as an organization: it brings together established financial institutions from Quebec and across Canada, as well as international banks that support the development of clean energy solutions.”
“We’re grateful that our financial partners see the value PPAW 1 brings to the province, particularly in eastern Quebec,” commented Michel Lagacé, president of the Eastern Energy Alliance. “It comes to life thanks to the trust shown by long-standing partners like Hydro-Québec.”
Invenergy and the Alliance de l’énergie de l’Est are providing equity financing for the project. The remaining funds will be financed through bank credit facilities, primarily through Quebec and Canadian financial institutions, including the Desjardins Group, National Bank of Canada, and Canadian Imperial Bank of Commerce (CIBC), as well as Japan’s Sumitomo Mitsui Banking Corporation’s (SMBC) Canada Branch and Germany’s KfW IPEX-Bank GmbH.
The Desjardins Group is functioning as the administrative agent, the National Bank of Canada as the documentation agent and green loan coordinator, with the Desjardins Group, CIBC and SMBC and all banks acting as coordinating lead arranger of the bank syndicate. The financing was informed by the Green Loan Principles.
Invenergy has built and operated five wind energy centres in Quebec, representing more than 390 megawatts of energy generation capacity. Once in operation, PPAW 1 will add another 350 MW to the local grid.