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Innergex Renewable Energy Inc. and Mi’gmawei Mawiomi Business Corporation (MMBC) have successfully closed financing for the construction and operation of the 102 MW Mesgi’g Ugju’s’n 2 Wind Project in Quebec. The project continues the long-standing partnership between Innergex and the three Mi’gmaq communities of Gesgapegiag, Gespeg, and Listuguj.
The total financing package amounts to approximately $225.5 million and includes:
- a $163.9 million green loan
- a $41.0 million interconnection bridge loan
- a $10.2 million letter of credit (LC) facility
These were arranged by CIBC, Desjardins Group, and National Bank of Canada, who acted as lenders, joint bookrunners, coordinating lead arrangers, and green loan coordinators. Desjardins also served as administrative agent for the lender syndicate. The financing was structured in accordance with Green Loan Principles.
Additional funding includes a $92.5 million subordinated construction loan and a $15.4 million equity loan provided by a Canadian financial institution, showcasing an innovative approach to financing Indigenous-led renewable energy projects.
Mesgi’g Ugju’s’n 2 is an extension of the existing 150 MW Mesgi’g Ugju’s’n wind facility, commissioned in 2016 and located in the MRC d’Avignon. The new project maintains a 50-50 ownership structure between Innergex and the Mi’gmaq communities through MMBC.
With construction approval secured and key contracts finalized—including a Balance of Plant agreement with Borea Construction and a Turbine Supply Agreement with Nordex—the project is preparing to move into its construction phase in the coming months.
Once operational in 2026, the project will supply electricity under a 30-year take-or-pay power purchase agreement with Hydro-Québec, indexed to 25 percent of inflation.
