Invenergy and the Alliance de l’énergie de l’Est, a consortium of 209 municipalities and territories in eastern Quebec, have closed $1.1bn in financing for a 350MW wind farm.
The Pohénégamook-Picard-Saint-Antonin-Wolastokuk 1 (PPAW 1) Wind Energy Centre is being developed as an equal partnership between Invenergy and the Alliance de l’énergie de l’Est and was selected by Hydro-Québec in 2023 as part of a call for tenders.
Construction will take place throughout 2025 and 2026, with an expected commercial operation date in late 2026.
The project will create 350 jobs during construction and has led to 100 new manufacturing jobs at Marmen Énergie in Matane, QC.
PPAW 1 is expected to distribute $137m to the Alliance de l’énergie de l’Est’s shareholders, namely 16 RCMs and the Wolastoqiyik Wahsipekuk First Nation, over 30 years, in addition to $45m in fixed payments to the host communities.
Invenergy’s vice president of renewable energy development Louis Robert said: “Invenergy is a global company with strong local roots, particularly in Quebec.
“The project financing we have put together aligns with who we are as an organisation; it brings together established financial institutions from Quebec and across Canada, as well as international banks that support the development of clean energy solutions.”
Alliance president Michel Lagacé said: “We’re grateful that our financial partners see the value PPAW 1 brings to the province, particularly in eastern Quebec. It comes to life thanks to the trust shown by long-standing partners like Hydro-Québec.”
Invenergy and the Alliance de l’énergie de l’Est are providing equity financing for the project. The remaining funds will be financed through bank credit facilities, primarily through Quebec and Canadian financial institutions, including the Desjardins Group, National Bank of Canada, and Canadian Imperial Bank of Commerce, as well as Japan’s Sumitomo Mitsui Banking Corporation’s Canada branch and Germany’s KfW IPEX-Bank GmbH.
Invenergy has built and operated five wind farms in Quebec, representing more than 390MW of energy generation capacity. Once in operation, PPAW 1 will add another 350MW to the local grid.