Canada’s Innergex Renewable Energy Inc (TSE:INE) has closed a CAD-185.5-million (USD 134.8m/EUR 124.3m) non-recourse debt financing deal supporting a portfolio of unlevered hydropower assets in Quebec and British Columbia totalling 107 MW.

The funds are earmarked for the repayment of a revolving credit line for three hydropower plants (HPPs), all of which are in operation and run under long-term power purchase agreements (PPAs), the Quebec-based power producer said on Tuesday. Details about the assets are available in the table.

Asset name	Region	Capacity (MW)	Commissioning	PPA expiry
Gilles-Lefrancois	Quebec	24	1999	2039
Miller Creek	British Columbia	33	2003	2043
Rutherford Creek	British Columbia	50	2004	2044

The non-recourse debt secured by Innergex consists of two term loans totalling CAD 179.9 million with an interest rate of 6.14% and maturity in 2038 and 2043, respectively, and a CAD-5.5-million reserve facility. The financing was extended by The Canada Life Assurance Company, better known as Canada Life.

“By financing unencumbered assets, we are taking proactive steps to substantially reduce our corporate debt,” said president and CEO Michel Letellier.

(CAD 1.0 = USD 0.727/EUR 0.670)

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