Innergex Renewable Energy Inc. has closed project financing for the Big Silver Creek run-of-river hydroelectric project, currently under construction in British Columbia, Canada.
The $197.2 million financing has been arranged by The Manufacturers Life Insurance Company as agent and lead lender, with the Caisse de Dépôt et placement du Québec (CDPQ) as lender. The funding, which will be used to pay for the project’s construction costs, has been split into three tranches of $51.0 million, $128.3 million and $17.9 million.
Michel Letellier, President and Chief Executive Officer of the Corporation. "Construction is progressing well, especially with the recent completion of the tunnel, and the project remains on time and on budget", adds Mr. Letellier.
The 40.6MW Big Silver Creek hydroelectric project is located on Crown land, approximately 40km north of Harrison Hot Springs, British Columbia. Construction began in 2014 and commercial operation is expected to begin in late 2016. Construction is progressing well at the project, Innergex said, and remains on time and on budget.
