Innergex Renewable Energy and Mi’gmawei Mawiomi Business Corporation (MMBC) have reached financial close for the Mesgi’g Ugju’s’n 2 wind project, a 102-megawatt facility to be built in the MRC d’Avignon region of Quebec, Canada.
The $215 million financing package includes a $163.9 million green loan, a $41 million interconnection bridge loan, and a $10.2 million letter of credit facility. CIBC, Desjardins Group, and National Bank of Canada acted as lenders, joint bookrunners, and coordinating lead arrangers, also serving as green loan coordinators.
Mesgi’g Ugju’s’n 2 is a 50-50 partnership between Innergex and MMBC, which represents the Mi’gmaq communities of Gesgapegiag, Gespeg and Listuguj. The new facility is an extension of the existing 150 MW Mesgi’g Ugju’s’n wind farm commissioned in 2016.
“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,” said Michel Letellier, president and chief executive officer of Innergex.
MMBC chief executive Frederic Vicaire highlighted the broader implications of the development: “This project represents more than megawatts on the grid, it is a testament to Mi’gmaq leadership in the energy transition.”
Construction is expected to begin following the recent receipt of a government decree authorizing the project. Contract negotiations are nearing completion, including agreements with Borea Construction for balance of plant and Nordex for turbine supply.
Upon completion in 2026, the wind farm’s output will be sold to Hydro-Québec under a 30-year take-or-pay power purchase agreement indexed to 25% of inflation.
Additional financing includes a $92.5 million subordinated construction loan and a $15.4 million equity loan provided by a Canadian financial institution. Plan A Capital acted as financial advisor to MMBC and sourced the equity financing for Mesgi’g Ugju’s’n 2 Holding LP.
