The financing includes a $163.9 million green loan, a $41 million interconnection bridge loan, and a $10.2 million letter of credit facility, provided by CIBC, Desjardins Group, and National Bank of Canada, who served as lenders, joint bookrunners, coordinating lead arrangers, and green loan coordinators. Additional funding comprises a $92.5 million subordinated construction loan and a $15.4 million equity loan from a Canadian financial institution, with Plan A Capital structuring the equity loan for MMBC’s Mesgi’g Ugju’s’n 2 Holding LP.
The wind farm is a 50-50 partnership between Innergex and the Mi’gmaq communities, continuing their collaboration. Innergex president and CEO Michel Letellier stated: “We are proud to reach financial close on Mesgi’g Ugju’s’n 2 and to continue advancing a project that is deeply rooted in collaboration, sustainability and regional economic impact. We thank MMBC and the Mi’gmaq communities for their continued trust and partnership.”
MMBC chief executive Frederic Vicaire added: “This project represents more than megawatts on the grid, it is a testament to Mi’gmaq leadership in the energy transition. Through our equal partnership with Innergex and the support of key financial institutions, we are demonstrating that Indigenous-led clean energy projects can be ambitious, innovative and deeply rooted in reconciliation and economic empowerment.”
The project has secured a government decree authorizing construction and finalized key contracts, including a balance of plant agreement with Borea Construction and a turbine supply agreement with Nordex. Set for commissioning in 2026, the wind farm’s electricity will be sold under a 30-year power purchase agreement with Hydro Québec, indexed to 25% inflation.
This initiative strengthens regional renewable energy development, combining Innergex’s expertise with Mi’gmaq leadership to deliver sustainable energy and economic benefits to the MRC d’Avignon and surrounding areas.
