Innergex Renewable Energy Inc. successfully completed a $185.5 million non-recourse project financing with The Canada Life Assurance Company, aimed at funding a trio of operational Canadian hydroelectric facilities—Gilles-Lefrançois, Miller Creek, and Rutherford Creek. The financing includes $179.9 million in term loans at an effective interest rate of 6.14% and a $5.5 million reserve facility. The term loans, due to mature in 2038 and 2043, align with the power purchase agreements' durations for the respective facilities. This strategic move is primarily for repaying Innergex's corporate revolving credit facility, thereby reducing its corporate leverage.

Michel Letellier, Innergex's President and CEO, emphasized the financing's role in bolstering the company's financial foundation and supporting its growth trajectory. This transaction is part of Innergex's broader strategy to enhance liquidity and pursue expansion, as evidenced by securing financing for the Boswell Springs wind project and forming a strategic partnership in France.

Brian Allison of Canada Life highlighted the investment's alignment with the company's values of promoting energy security and sustainability in Canada. The financed hydro assets, located in Quebec and British Columbia, boast a combined gross installed capacity of 107 MW, with power purchase agreements extending up to 2044, marking a significant step towards sustainable energy financing.