Invenergy and the Alliance de l’énergie de l’Est, a consortium representing 209 municipalities and territories in eastern Quebec, have secured C$1.1 billion in financing for a 350-megawatt wind energy project, the companies said.
The Pohénégamook-Picard-Saint-Antonin-Wolastokuk 1 (PPAW 1) Wind Energy Centre will be developed as a 50-50 partnership between Invenergy and the Alliance. It was selected by Hydro-Québec in 2023 through a competitive procurement process.
Construction is scheduled to take place throughout 2025 and 2026, with commercial operations expected to begin by the end of 2026. The project is expected to create 350 construction jobs and has already contributed to the creation of 100 new manufacturing positions at Marmen Énergie in Matane, Quebec.
“Invenergy is a global company with strong local roots, particularly in Quebec,” said Louis Robert, vice president of renewable energy development at Invenergy. “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.”
Equity financing is being provided by Invenergy and the Alliance. The remainder of the funds will be sourced through a consortium of financial institutions, including Desjardins Group, National Bank of Canada, Canadian Imperial Bank of Commerce, Sumitomo Mitsui Banking Corporation (Canada), and Germany’s KfW IPEX-Bank GmbH.
Once operational, the PPAW 1 project is expected to deliver approximately C$137 million in revenue over 30 years to the Alliance’s shareholders, which include 16 regional county municipalities (RCMs) and the Wolastoqiyik Wahsipekuk First Nation. An additional C$45 million in fixed payments will be made to the host communities over the same period.
“We’re grateful that our financial partners see the value PPAW 1 brings to the province, particularly in eastern Quebec,” said Michel Lagacé, president of the Alliance de l’énergie de l’Est. “It comes to life thanks to the trust shown by long-standing partners like Hydro-Québec.”
Invenergy currently operates five wind farms in Quebec, with a combined capacity exceeding 390MW. The PPAW 1 project will increase the company’s local portfolio to more than 740MW upon completion.
