Foard City Wind Project Gets Green Lights

The US$290.9 million financing has been arranged with lenders Santander, MUFG, Zions Bancorp and the Royal Bank of Canada, backed by a US$275.0 million tax equity commitment from Berkshire Hathaway Energy and a US$23.3 million 7-year term loan facility with a 10-year amortization period to be provided by the lenders upon the commercial operation date.

“Foard City is the largest wind farm project ever built by Innergex and, with the Phoebe solar project under construction, will add almost 600 MW of new installed capacity in the United States by the end of 2019,” said Michel Letellier, President and Chief Executive Officer of Innergex. “The construction activities progress well on site and Innergex is excited to secure financings which optimize the capital structure in a way that creates maximum value for our shareholders.”

Management expects to receive approval of a layout of 327.6 MW for the wind farm from the Federal Aviation Administration in the coming months. Up to now, 94 turbines out of 130 already received their approval. The wind farm is expected to reach commercial operation in Fall of 2019 and will produce a long-term average of 1,230 GWh.