Innergex and Pituvik announce C$92.8M financial closing of Innavik Hydro Project
November 04, 2020
92.80 Million CAD
On November 4, 2020, Innergex Renewable Energy Inc. (Innergex) and the Pituvik Landholding Corporation (Pituvik) announced the closing of its C$92.8 million non-recourse construction and term project financing with The Manufacturers Life Insurance Company for the construction of Innavik (Innavik Hydro Project), a 7.5 MW run-of-river hydroelectric facility on the Inukjuak River near Inukjuak, Nunavik, in northern Quebec.
The total construction costs are estimated at C$127.8 million and will mainly me financed through the C$92.8 million construction financing, with the remaining C$35 million to be financed by Innergex and Pituvik.
The Innavik Hydro Project is the first partnership between an Inuit corporation and an independent power producer. This innovative project will provide customers of Inukjuak’s off-grid system with clean and renewable energy, replacing diesel for their basic electricity and heating needs. Revenues generated by the hydroelectric facility will enable the community to set up local support programs for youth and elders, to develop local initiatives to improve social well-being in the community, and to support entrepreneurship.
McCarthy Tétrault LLP advised Innergex with a team led by Richard O'Doherty that included François Dupuis, Mathieu Leblanc, Karina Gagnon, Pierre Langlois, Marc-Alexandre Hudon and Marc-Antoine Addoumie (Business), Danielle Drolet, Danielle Gagnon and Marie-Pier Gosselin (Real Property and Planning), Cindy Vaillancourt and Amelia Fong (Environmental), Nicolas Cloutier and Samuel Julien (Tax), Anne Marie McDonald and Natalie Estevan (Financial Services).