Invenergy, alongside Alliance de l’énergie de l’Est, has closed C$1.1bn ($801.3m) in financing for the Pohénégamook-Picard-Saint-Antonin-Wolastokuk 1 (PPAW 1) wind energy centre in Quebec, Canada.
The PPAW 1, a joint venture between Invenergy and the Alliance de l’énergie de l’Est, was chosen by Hydro-Québec in a 2023 tender process.
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Construction is set to begin in 2025, with operations by the end of 2026.
The project will create 350 construction jobs and has already resulted in 100 new manufacturing positions at Marmen Énergie in Matane.
Invenergy vice-president of development and renewable energy Louis Robert stated: “Invenergy is a global company with strong local roots, particularly in Quebec. The project financing we have put together aligns with who we are as an organisation: it brings together established financial institutions from Quebec and across Canada, as well as international banks that support the development of clean energy solutions.”
Over 30 years, PPAW 1 is projected to distribute C$137m to Alliance de l’énergie de l’Est’s shareholders. This includes 16 regional county municipalities and the Wolastoqiyik Wahsipekuk First Nation. Host communities will receive C$45m in fixed payments.
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By GlobalDataThe project’s financing includes equity from Invenergy and Alliance de l’énergie de l’Est, with the balance covered by bank credit facilities.
Major financial institutions Desjardins Group, the National Bank of Canada, the Canadian Imperial Bank of Commerce (CIBC), Sumitomo Mitsui Banking (Canada branch) (SMBC), and KfW IPEX-Bank are involved in the financing, which aligns with the country’s Green Loan Principles.
Desjardins Group is serving as administrative agent, with the National Bank of Canada acting as documentation agent and green loan coordinator.
The bank syndicate, including Desjardins Group, CIBC, SMBC and others, is being led by coordinating lead arrangers.
Eastern Energy Alliance president Michel Lagacé stated: “We’re grateful that our financial partners see the value PPAW 1 brings to the province, particularly in eastern Quebec. It comes to life thanks to the trust shown by long-standing partners like Hydro-Québec.”
In related news, Invenergy has also commenced commercial operations at its first clean hydrogen project, the Sauk Valley hydrogen facility, in Rock Falls in the US state of llinois.
The facility, spanning five acres, will produce 40t of clean hydrogen annually and is powered by Invenergy’s adjacent solar plant and Ohmium International’s electrolyser technology.
