May 9 (Renewables Now) - Innergex Renewable Energy Inc (TSE:INE) has secured USD 565.9 million (EUR 505.7m) in debt and tax equity financing for the up to 327.6-MW Foard City wind project in Texas.
The Canadian developer has closed USD 290.9 million in construction financing from Santander, MUFG, Zions Bancorp and the Royal Bank of Canada, it said on Wednesday. Additionally, it has received a USD-275-million tax equity commitment from Berkshire Hathaway Energy and a seven-year loan of USD 23.3 million that will be provided by the lenders once the wind farm is commissioned.
The Foard City wind project is estimated to require a total investment of USD 384.8 million. It will involve the installation of up 130 wind turbines, 94 of which have already been permitted. Innergex expects to get approval for the project from the Federal Aviation Administration in the coming months.
The wind farm, which Innergex says is its largest project, is planned to go live this autumn, producing a gross estimated long-term average of 1,230 GWh. The projected revenues and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) during the plant’s first full year of operation are seen at USD 20.1 million and USD 10.1 million, respectively.
The project will get PTC support of USD 0.024 per kWh during the first 10 years of operation. It already has in place a 12-year power purchase agreement (PPA) with Texas utility Luminant.
(USD 1.0 = EUR 0.894)