GE Wind Turbines: Innergex Secures Financing for 225 MW Wind Farm in Texas

Longueuil, Canada – Canadian Innergex Renewable Energy Inc. has successfully closed financing for the construction of the US Griffin Trail wind farm in Texas.

The US $ 276.2 million (CAN $ 354.5 million) project financing was arranged by Sumitomo Mitsui Banking Corporation as Coordinating Lead Arranger and CIBC as Joint Lead Arranger and is flanked by a US $ 171.4 million (CAN $ 220.0 million) commitment from Wells Fargo under the fiscal capital commitment.

“It was only a few months ago, when the U.S. Production Tax Credits deadlines were extended, that we knew we were in a strong position to bring Griffin Trail forward, and we have since made rapid progress on development and construction,” said Michel Letellier, President and Chief Executive Officer of Innergex.

Work on site began in September 2020. A construction contract was signed with Blattner Energy, Inc. and a contract was signed for the supply of GE wind turbines with a total capacity of 225 MW with delivery commencing in January 2021.

The total construction cost of the Griffin Trail project is expected to be US $ 284.7 million (CAN $ 365.4 million) and commissioning is scheduled for the third quarter of 2021. The electricity generated will be fed into the Ercot transmission system (Ercot: Electric Reliability Council of Texas) and sold on the spot market. Electricity generation from the wind farm is expected to average 819 million kWh.

The Innergex share, listed in the global share index RENIXX World, is currently quoted at 17.50 euros.

Source: IWR Online, 04 Jan 2021