Innergex and BlackRock Announce Commercial Operation of the 200 MW Flat Top Wind Farm in the U.S.

"Innergex is proud to continue its core mission with the commissioning of another reliable, affordable, clean and renewable energy facility that will play a part in addressing global climate change," said Michel Letellier, President and Chief Executive Officer of Innergex. "The commissioning of our second wind farm in Texas is a significant milestone in our strategy as we aim to increase our presence in the United States where we intend to bring more high-quality projects online in a near future."

"We are very pleased to invest in the Flat Top wind farm on behalf of our clients. This transaction demonstrates BlackRock's continued focus on renewable power investments, which currently amount to US$5 billion of equity assets under management," said David Giordano, head of BlackRock Renewable Power Americas and APAC. "We continue to see the U.S. an attractive market for wind assets where BlackRock have invested in more than 30 wind and solar projects."

The Flat Top wind farm, located in central Texas, consists of 100 Vestas V110 wind turbines (each with a hub height of 95 meters and nameplate capacity of 2.0 MW) that will be operated by the wind turbine manufacturer under a 10-year operation and maintenance contract. The Flat Top wind farm will sell 100% of its output to the ERCOT power grid and fix the power price on the majority of its revenue under a 13-year commodity hedge agreement with an affiliate of Citi, commencing on August 1, 2018.

Concurrent with commercial operation, subsidiaries of Berkshire Hathaway Energy and Citi have completed a US$211.3 million tax equity financing of the project of which proceeds were used primarily to retire the project's construction loan.