Innergex repays revolver with non-recourse project financing

Chicago, Nov. 14 – Innergex Renewable Energy Inc. announced that it will repay its corporate revolving credit facility with the proceeds of C$185.5 million in non-recourse project financing, according to a press release.

Innergex was announcing that it closed on the new financing.

The company will be reducing its corporate leverage with the repayment.

The new project financing includes C$179.9 million in term loans at an effective interest rate of 6.14% and a C$5.5 million reserve facility, both with Canada Life Assurance Co. The financing breaks out into a term loan of C$59.4 million maturing in 2038 and C$120.5 million maturing in 2043.

The project financing was earmarked for a portfolio of unlevered Canadian hydroelectric facilities in operation.

Longueil, Quebec-based Innergex is a developer and operator of renewable power generating facilities.

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