Skip to main content

Innergex Renewable Energy Inc(INE-T)

Today's Change
Real-Time Last Update

Innergex Finances Three Unlevered Hydro Assets - Tue Nov 14, 2023

LONGUEUIL, QC, Nov. 14, 2023 /CNW/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") has closed a $185.5 million non-recourse project financing, including $179.9 million in term loans at an effective interest rate of 6.14%, and a $5.5 million reserve facility, both with The Canada Life Assurance Company ("Canada Life"), to finance a portfolio of unlevered Canadian hydroelectric facilities in operations comprising the Gilles-Lefrançois, Miller Creek and Rutherford Creek facilities. The term loans are set to mature in 2038 and 2043 corresponding to the remaining duration of the facilities' power purchase agreements. The proceeds will be used mainly to repay the corporate revolving credit facility, thereby reducing the corporate leverage.


Provided Content: Content provided by The Globe and Mail was not involved, and material was not reviewed prior to publication.