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Milestone for Mesgi’g Ugju’s’n 2 project in Canada Innergex and Mi’gmawei Mawiomi Business Corporation (MMBC) have reached financial close for the construction and operation of the 102MW Mesgi’g Ugju’s’n 2 wind farm in Canada. The financing consists of a $163.9 million green loan, an interconnection bridge loan of $41m and an LC facility of $10.2m with CIBC, Desjardins Group and National Bank of Canada as lenders, joint bookrunners, co-ordinating lead arrangers and green loan co-ordinators. Mesgi’g Ugju’s’n 2 will be located in the MRC d’Avignon and is an extension to the existing 150MW Mesgi’g Ugju’s’n wind project (pictured), which was commissioned in 2016. The wind farm is the result of a 50-50 renewed partnership between Innergex and the three Mi’gmaq communities in Quebec – Gesgapegiag, Gespeg and Listuguj – represented by MMBC. Innergex president and chief executive Michel Letellier said: “We are proud to reach financial close on Mesgi’g Ugju’s’n 2 and to continue advancing a project that is deeply rooted in collaboration, sustainability and regional economic impact. “We thank MMBC and the Mi’gmaq communities for their continued trust and partnership. This project is a powerful example of how strong Indigenous-led partnerships and clean energy development go hand in hand to generate economic and environmental value.” MMBC chief executive Frederic Vicaire said: “This project represents more than megawatts on the grid, it is a testament to Mi’gmaq leadership in the energy transition. “Through our equal partnership with Innergex and the support of key financial institutions, we are demonstrating that Indigenous-led clean energy projects can be ambitious, innovative and deeply rooted in reconciliation and economic empowerment.” The project recently obtained the government decree authorising construction and major contract negotiations have advanced significantly, including the execution of the balance of plant agreement with Borea Construction and the turbine supply agreement with Nordex. Upon its commissioning in 2026, the electricity to be produced by Mesgi’g Ugju’s’n 2 will be sold under a 30-year “take-or-pay” power purchase agreement indexed to 25% inflation with Hydro Québec. The project financing includes a subordinated construction loan of $92.5m and an equity loan of $15.4m provided by a Canadian financial institution. Plan A Capital, as mandated financial advisor for MMBC, structured and sourced an equity loan from a Canadian financial institution to Mesgi’g Ugju’s’n 2 Holding LP. |
