Wednesday, June 25, 2025
Invenergy and the Alliance de l’énergie de l’Est, a consortium of 209 municipalities and territories in Eastern Quebec, from the Montmagny Regional County Municipality (RCM) to the Côte-de-Gaspé RCM, including the Wolastoqiyik Wahsipekuk First Nation and the Communauté maritime des Îles-de-la-Madeleine, have announced the closing of $1.1 billion in financing for the Pohénégamook-Picard-Saint-Antonin-Wolastokuk 1 (PPAW 1) Wind Energy Centre.
PPAW 1 is being developed as an equal partnership between Invenergy and the Alliance de l’énergie de l’Est and was selected by Hydro-Québec in 2023 as part of a call for tenders. Construction will occur throughout 2025 and 2026, with an expected commercial operation date in late 2026. The project will create 350 jobs during construction and has led to 100 new manufacturing jobs at Marmen Énergie in Matane, QC. PPAW 1 is expected to distribute $137 million to the Alliance de l’énergie de l’Est’s shareholders, namely 16 RCMs and the Wolastoqiyik Wahsipekuk First Nation, over 30 years, in addition to $45 million in fixed payments to the host communities.
“Invenergy is a global company with strong local roots, particularly in Quebec. The project financing we have put together aligns with who we are as an organization: it brings together established financial institutions from Quebec and across Canada, as well as international banks that support the development of clean energy solutions,” said Louis Robert, vice president of Development – Renewable Energy at Invenergy.
“We’re grateful that our financial partners see the value PPAW 1 brings to the province, particularly in eastern Quebec. It comes to life thanks to the trust shown by long-standing partners like Hydro-Québec,” said Michel Lagacé, president of the Eastern Energy Alliance.
Invenergy and the Alliance de l’énergie de l’Est are providing equity financing for the project. The remaining funds will be financed through bank credit facilities, primarily through Quebec and Canadian financial institutions, including the Desjardins Group, National Bank of Canada, and Canadian Imperial Bank of Commerce (CIBC), as well as Japan’s Sumitomo Mitsui Banking Corporation’s (SMBC) Canada Branch and Germany’s KfW IPEX-Bank GmbH. The Desjardins Group functions as the Administrative Agent, the National Bank of Canada as the Documentation Agent and as Green Loan Coordinator, with the Desjardins Group, CIBC and SMBC and all banks acting as Coordinating Lead Arranger of the bank syndicate. The financing was informed by the Green Loan Principles.
Invenergy has built and operated five wind energy centres in Quebec, representing more than 390 megawatts of energy generation capacity. Once in operation, PPAW 1 will add another 350 MW to the local grid.
Featured image: (Invenergy)
