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Innergex Renewable Energy Inc(INE-T)
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Innergex Finances Three Unlevered Hydro Assets

Newswire.ca - 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.

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