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cden
Developed by Parc éolien com-
munautaire Viger-Denonville, s.e.c., a
50-50
joint venture between the Cor-
poration and the Rivière-du-Loup
Regional County Municipality, the
24.6
MW Viger-Denonville wind ener-
gy project is located entirely on private
lands in the Quebec municipalities
of Saint-Paul-de-la-Croix and Saint-
Épiphane. Construction began in the
spring of 2013 and commercial opera-
tion is expected to begin in the fourth
quarter of 2013. The project›s aver-
age annual production is estimated to
reach 67,600 MWh, enough to power
approximately 4,000 Quebechouse-
holds each year. All of the electricity it
will produce will be covered by a 20-
year fixed-price power purchase agree-
ment with Hydro-Québec, which was
obtained under that province›s 2009
Request for Proposals and which pro-
vides for an annual adjustment to the
selling price based on a portion of the
Consumer Price Index. The proceeds
of the financing will be used to fund
just over 80% of the total project costs.
Concurrent with the closing of the
financing, Parc éolien communautaire
Viger-Denonville, s.e.c. has settled the
bond forward contracts used to hedge
the interest rate on the debt and there-
fore protect the expected returns on the
project, giving rise to a realized gain
on derivative financial instruments of
approximately $2.2 million, which is
equivalent to a fixed interest rate of ap-
proximately 5.5% on the loan.
About Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc.
(
TSX: INE) is a leading Canadian inde-
pendent renewable power producer.
Active since 1990, the Company devel-
ops, owns, and operates run-of-river
hydroelectric facilities, wind farms,
and solar photovoltaic farms and car-
ries out its operations in Quebec, On-
tario, British Columbia, and Idaho,
USA. Its portfolio of assets currently
consists of: (i) interests in 29 operat-
ing facilities with an aggregate net
installed capacity of 617 MW (gross
1,072
MW), including 23 hydroelectric
operating facilities, five wind farms,
and one solar photovoltaic farm; (ii)
interests in eight projects under de-
velopment or under construction with
an aggregate net installed capacity of
265
MW (gross 413 MW), for which
power purchase agreements have been
secured; and (iii) prospective projects
with an aggregate net capacity totaling
2,900
MW (gross 3,125 MW). Innergex
Renewable Energy Inc. is rated BBB-
by S&P and BB (high) by DBRS (unso-
licited rating).
The Corporation’s strategy for
building shareholder value is to de-
velop or acquire high-quality facilities
generating sustainable cash flows and
providing a high return on invested
capital, and to distribute a stable divi-
dend.
