Latest news with #MMBC
Yahoo
11-06-2025
- Business
- Yahoo
CIB invests $108.3m in new wind farm in Canada
The Canada Infrastructure Bank (CIB) has announced an investment of C$108.3m ($79m) to support the construction of the 102.2MW Mesgi'g Ugju's'n 2 wind farm (MU2), located in Gespe'gewa'gi, Canada - the first-ever Indigenous equity loan provided by CIB. Gespe'gewa'gi, also known as the Gaspésie–Îles-de-la-Madeleine region, extends across the Gaspé Peninsula and New Brunswick. The MU2 project is a collaboration between the Mi'gmawei Mawiomi Business Corporation (MMBC), representing three local Mi'gmaq communities, and Innergex Renewable Energy. It is scheduled to commence operations in late 2026. The project was the sole initiative among two provincial tenders for 780MW renewable energy blocks to incorporate an Indigenous community partner as a sponsor. CIB has allocated C$15.8m as an equity loan to enhance MMBC's economic participation and C$92.5m for construction costs. Additional financial backing includes a C$163.9m green loan and other financial support provided by CIBC, Desjardins and the National Bank of Canada. Canada Infrastructure Bank CEO Ehren Cory stated: 'With our first investment in a Quebec wind energy project, the CIB is helping another province expand its clean electricity production and expand the capacity of its grid. 'This aligns with our mandate to support meaningful Indigenous economic and social development while investing in clean power opportunities.' Positioned on traditional Mi'gmaq territory near Rivière-Nouvelle, MU2 will complement its predecessor, the 150MW Mesgi'g Ugju's'n wind farm (MU1), expanding on a 50-50 partnership between MMBC and Innergex. MU2 will be equipped with Nordex turbines and will supply electricity to around 20,000 homes. It will reduce emissions by approximately 153,053 tonnes annually through its long-term power purchase agreement (PPA) agreement with Hydro-Quebec. The project will create 150 direct jobs during its construction phase and will prioritise local employment by committing to hiring at least 30% of workers from nearby Mi'gmaq communities. The profits generated will be channelled back into local initiatives. MMBC CEO Frederic Vicaire stated: 'MU2 reflects the maturity and determination of our communities to lead impactful energy development on our own terms. This partnership with Innergex and the support from the CIB demonstrate that Indigenous-led projects can be scalable, bankable and rooted in long-term vision.' In March 2025, CIB announced an investment of $81.9m (C$117.4m) in the construction of the 94.4MW Weavers Mountain wind energy project in the Antigonish and Pictou counties of Nova Scotia. "CIB invests $108.3m in new wind farm in Canada" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
10-06-2025
- Business
- Cision Canada
CIB lending $108.3M for new wind project in Gespe'gewa'gi Français
102.2-megawatt wind farm to deliver clean power and economic benefits Disponible en français CIB supporting wind energy project with first Indigenous equity loan in Quebec Mi'gmaq communities to co-own 50% of the project with Innergex Renewable Energy Will create 150 construction jobs and sufficient electricity to power 20,000 homes MONTREAL, June 10, 2025 /CNW/ - The Canada Infrastructure Bank (CIB) is investing $108.3 million, including its first Indigenous equity loan in Quebec, to support construction of the 102.2-megawatt Mesgi'g Ugju's'n 2 Wind Farm (MU2), located in Gespe'gewa'gi, also known as the Gaspésie–Îles-de-la-Madeleine region. The project is a partnership between Mi'gmawei Mawiomi Business Corporation (MMBC), representing the Gesgapegiag, Gespeg and Listuguj Mi'gmaq communities and Innergex Renewable Energy Inc. (TSX: INE). The CIB's $15.8 million equity loan improves the economic viability of MMBC's participation in the project, and the remaining $92.5 million is dedicated to the project construction. The project was the only one from two provincial tenders for 780-megawatt blocks of renewable energy to include an Indigenous community partner as a sponsor. Additional financing to the project includes a $163.9 million green loan, a $41 million construction bridge loan and a letter of credit facility from CIBC, Desjardins and National Bank of Canada. The MU2 project is expected to generate approximately 150 direct construction jobs, with a commitment to hire at least 30% of the workforce from local Mi'gmaq communities. Revenues will be reinvested into community initiatives. The wind farm will be located on the Mi'gmaq traditional territory of Gespe'gewa'gi, near Rivière-Nouvelle. It will be developed adjacent to the 150-megawatt Mesgi'g Ugju's'n Wind Farm (MU1), also a 50/50 partnership between the Mi'gmaq communities and Innergex. MU2 will feature Nordex turbines, generating enough electricity to power 20,000 Quebec homes through a 30-year power purchase agreement with Hydro-Quebec. The project is expected to cut emissions by 153,053 tonnes annually and supports the public utility's Electricity Supply Plan, which forecasted a 12% rise in demand between 2019 and 2029. Operations are expected to begin in late 2026. Endorsements: With our first investment in a Quebec wind energy project, the CIB is helping another province expand its clean electricity production and expand the capacity of its grid. This aligns with our mandate to support meaningful Indigenous economic and social development while investing in clean power opportunities. Ehren Cory, CEO, Canada Infrastructure Bank This project is about building—building clean energy, good jobs and stronger communities. Through this investment, the Mi'gmaq will advance clean energy, help power homes and secure long-term benefits through community ownership. Hon. Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada 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. This project is a powerful example of how strong Indigenous-led partnerships and clean energy development go hand in hand to generate economic and environmental value. Michel Letellier, President and Chief Executive Officer of Innergex MU2 reflects the maturity and determination of our communities to lead impactful energy development on our own terms. This partnership with Innergex and the support from the CIB demonstrate that Indigenous-led projects can be scalable, bankable, and rooted in long-term vision. It's a model we're proud of—one that delivers real value to our people and contributes to the Gespe'gewa'gi and Quebec's clean energy future. We would also like to take the opportunity to thank our advisers, Plan A Capital and Stikeman, who were instrumental in the success of this transaction. Frederic Vicaire, CEO of MMBC About Mi'gmawei Mawiomi Business Corporation The Mi'gmawei Mawiomi Business Corporation is the economic development arm of the Gesgapegiag, Gespeg and Listuguj communities. MMBC drives sustainable resource development, services and knowledge-based ventures to improve employment and economic security. Learn more at About Innergex Renewable Energy Inc. For 35 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 91 operating facilities with an aggregate net installed capacity of 3,737 MW (gross 4,693 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,547 MW), 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,288 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital. To learn more, visit or connect with us on LinkedIn.
Yahoo
10-06-2025
- Business
- Yahoo
CIB lending $108.3M for new wind project in Gespe'gewa'gi
102.2-megawatt wind farm to deliver clean power and economic benefits Disponible en français CIB supporting wind energy project with first Indigenous equity loan in Quebec Mi'gmaq communities to co-own 50% of the project with Innergex Renewable Energy Will create 150 construction jobs and sufficient electricity to power 20,000 homes MONTREAL, June 10, 2025 /CNW/ - The Canada Infrastructure Bank (CIB) is investing $108.3 million, including its first Indigenous equity loan in Quebec, to support construction of the 102.2-megawatt Mesgi'g Ugju's'n 2 Wind Farm (MU2), located in Gespe'gewa'gi, also known as the Gaspésie–Îles-de-la-Madeleine region. The project is a partnership between Mi'gmawei Mawiomi Business Corporation (MMBC), representing the Gesgapegiag, Gespeg and Listuguj Mi'gmaq communities and Innergex Renewable Energy Inc. (TSX:INE). The CIB's $15.8 million equity loan improves the economic viability of MMBC's participation in the project, and the remaining $92.5 million is dedicated to the project construction. The project was the only one from two provincial tenders for 780-megawatt blocks of renewable energy to include an Indigenous community partner as a sponsor. Additional financing to the project includes a $163.9 million green loan, a $41 million construction bridge loan and a letter of credit facility from CIBC, Desjardins and National Bank of Canada. The MU2 project is expected to generate approximately 150 direct construction jobs, with a commitment to hire at least 30% of the workforce from local Mi'gmaq communities. Revenues will be reinvested into community initiatives. The wind farm will be located on the Mi'gmaq traditional territory of Gespe'gewa'gi, near Rivière-Nouvelle. It will be developed adjacent to the 150-megawatt Mesgi'g Ugju's'n Wind Farm (MU1), also a 50/50 partnership between the Mi'gmaq communities and Innergex. MU2 will feature Nordex turbines, generating enough electricity to power 20,000 Quebec homes through a 30-year power purchase agreement with Hydro-Quebec. The project is expected to cut emissions by 153,053 tonnes annually and supports the public utility's Electricity Supply Plan, which forecasted a 12% rise in demand between 2019 and 2029. Operations are expected to begin in late 2026. Endorsements: With our first investment in a Quebec wind energy project, the CIB is helping another province expand its clean electricity production and expand the capacity of its grid. This aligns with our mandate to support meaningful Indigenous economic and social development while investing in clean power Cory, CEO, Canada Infrastructure Bank This project is about building—building clean energy, good jobs and stronger communities. Through this investment, the Mi'gmaq will advance clean energy, help power homes and secure long-term benefits through community ownership. Hon. Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada 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. This project is a powerful example of how strong Indigenous-led partnerships and clean energy development go hand in hand to generate economic and environmental value. Michel Letellier, President and Chief Executive Officer of Innergex MU2 reflects the maturity and determination of our communities to lead impactful energy development on our own terms. This partnership with Innergex and the support from the CIB demonstrate that Indigenous-led projects can be scalable, bankable, and rooted in long-term vision. It's a model we're proud of—one that delivers real value to our people and contributes to the Gespe'gewa'gi and Quebec's clean energy future. We would also like to take the opportunity to thank our advisers, Plan A Capital and Stikeman, who were instrumental in the success of this Vicaire, CEO of MMBC About Mi'gmawei Mawiomi Business Corporation The Mi'gmawei Mawiomi Business Corporation is the economic development arm of the Gesgapegiag, Gespeg and Listuguj communities. MMBC drives sustainable resource development, services and knowledge-based ventures to improve employment and economic security. Learn more at About Innergex Renewable Energy Inc. For 35 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 91 operating facilities with an aggregate net installed capacity of 3,737 MW (gross 4,693 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,547 MW), 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,288 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital. To learn more, visit or connect with us on LinkedIn. SOURCE Canada Infrastructure Bank View original content to download multimedia: Sign in to access your portfolio
Yahoo
01-06-2025
- Business
- Yahoo
Innergex and MMBC Announce Construction Financial Close of the Mesgi'g Ugju's'n 2 Wind Project
LONGUEUIL, QC, May 30, 2025 /CNW/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") and Mi'gmawei Mawiomi Business Corporation ("MMBC") are pleased to announce the closing of the financing for the construction and operation of the 102 MW Mesgi'g Ugju's'n 2 Wind Project. The financing consists in a $163.9 million green loan, an interconnection bridge loan of $41.0 million and a LC facility of $10.2 million with CIBC, Desjardins Group and National Bank of Canada as Lenders, Joint Bookrunners, Coordinating Lead Arrangers and Green Loan Coordinators. The financing was informed by the Green Loan Principles and the Desjardins Group acted as Administrative Agent for the senior lenders syndicate. "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," said Michel Letellier, President and Chief Executive Officer of Innergex. "We thank MMBC and the Mi'gmaq communities for their continued trust and partnership. This project is a powerful example of how strong Indigenous-led partnerships and clean energy development go hand in hand to generate economic and environmental value." "This project represents more than megawatts on the grid, it is a testament to Mi'gmaq leadership in the energy transition," said Frederic Vicaire, CEO of MMBC. "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." Mesgi'g Ugju's'n 2 is a 102 MW wind project to be located in the MRC d'Avignon and an extension to the existing 150 MW Mesgi'g Ugju's'n wind facility commissioned in 2016. The wind project is the result of a 50-50 renewed partnership between Innergex and the three Mi'gmaq communities in Quebec – Gesgapegiag, Gespeg and Listuguj – represented by MMBC. The project recently obtained the government decree authorizing construction and major contract negotiations have advanced significantly, including the execution of the Balance of Plant agreement (BOPA) with Borea Construction and the Turbine Supply Agreement (TSA) with Nordex. These key milestones enable the teams to proceed with construction preparation and pave the way for activities to ramp up in the coming months. Upon its commissioning scheduled in 2026, the electricity to be produced by Mesgi'g Ugju's'n 2 will be sold under a 30-year "take-or-pay" power purchase agreement indexed to 25% inflation with Hydro-Québec. The project financing includes a subordinated construction loan of $92.5 million and an equity loan of $15.4 million provided by a Canadian financial institution, demonstrating the innovative structuring approach behind this Indigenous-led wind project. Plan A Capital, as mandated financial advisor for MMBC, structured and sourced an equity loan from a Canadian financial institution to Mesgi'g Ugju's'n 2 Holding L.P. About Mi'gmawei Mawiomi Business CorporationMi'gmawei Mawiomi Business Corporation ("MMBC") is an organization established by the three Mi'gmaq communities located on the territory of Gespe'gewa'gi, namely, Gesgapegiag, Gespeg and Listuguj. MMBC is the economic arm of the three Mi'gmaq communities, and its mission is to create and manage wealth, and initiate business opportunities in the sustainable development of natural resources, as well as in services and knowledge industries. Through investments, acquisitions, and the establishment of partnerships and diverse business ventures, MMBC's goal is also to support meaningful improvement in employment and economic security. For more info, see About Innergex Renewable Energy 35 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 91 operating facilities with an aggregate net installed capacity of 3,737 MW (gross 4,693 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,547 MW), 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,288 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital. To learn more, visit or connect with us on LinkedIn. Cautionary Statement Regarding Forward-Looking InformationTo inform readers of the Corporation's future prospects, this press release contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"), including the Corporation's growth targets, power production, prospective projects, successful development, construction and financing (including tax equity funding) of the projects under construction and the advanced-stage prospective projects, sources and impact of funding, project acquisitions, execution of project-level financing (including the timing and amount thereof), and strategic, operational and financial benefits and accretion expected to result from such acquisitions, business strategy, future development and growth prospects, business integration, governance, business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as "approximately", "may", "will", "could", "believes", "expects", "intends", "should", "would", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or "forecasts", or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release. Forward-Looking Information includes future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the Corporation's targeted production, the estimated targeted revenues and production tax credits, targeted Revenues and Production Tax Credits Proportionate, targeted Adjusted EBITDA and targeted Adjusted EBITDA Proportionate, targeted Free Cash Flow, targeted Free Cash Flow per Share and intention to pay dividend quarterly, the estimated project size, costs and schedule, including obtainment of permits, start of construction, work conducted and start of commercial operation for Development Projects and Prospective Projects, the Corporation's intent to submit projects under Requests for Proposals, the qualification of U.S. projects for PTCs and ITCs and other statements that are not historical facts. Such information is intended to inform readers of the potential financial impact of expected results, of the expected commissioning of Development Projects, of the potential financial impact of completed and future acquisitions and of the Corporation's ability to pay a dividend and to fund its growth. Such information may not be appropriate for other purposes. Forward-Looking Information is based on certain key assumptions made by the Corporation, including, without restriction, those concerning hydrology, wind regimes and solar irradiance; performance of operating facilities, acquisitions and commissioned projects; availability of capital resources and timely performance by third parties of contractual obligations; favourable economic and financial market conditions; average merchant spot prices consistent with external price curves and internal forecasts; no material changes in the current assumed U.S. dollar to Canadian dollar and Euro to Canadian dollar exchange rate; no significant variability in interest rates; the Corporation's success in developing and constructing new facilities; no adverse political and regulatory intervention; successful renewal of PPAs; sufficient human resources to deliver service and execute the capital plan; no significant event occurring outside the ordinary course of business such as a natural disaster, pandemic or other calamity; continued maintenance of information technology infrastructure and no material breach of cybersecurity. Forward-Looking Information involves risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the Forward-Looking Information. These are referred to in the "Risks and Uncertainties" section of the Annual Report and include, without limitation: equipment supply; global climate change: variability in hydrology, wind regimes and solar irradiance; global climate change: extreme weather events; IT security risks and cyberattacks; increase in water rental cost or changes to regulations applicable to water use; performance of major counterparties, delays, cost overruns; non compliance with project site regulatory requirements leading to penalties, fines and other consequences; impact of failure to comply with project's environmental commitments or requirements throughout project lifetime; equipment failure, unexpected operations and maintenance activity and increased asset maintenance on ageing equipment; health and safety risks; availability and reliability of transmission systems; resource assessment and performance variability; preparedness to facing natural disasters and force majeure; pandemics, epidemics or other public health emergencies; inability to secure new profitable PPAs; inability to renew PPAs at adequately profitable prices; failure to bring projects into commercial operation within contractually stipulated delay; regulatory and political risks; risks related to U.S. production and investment tax credits, changes in U.S. corporate tax rates and availability of tax equity financing; increases in operational cost and financial uncertainty surrounding development of new facilities; social acceptance of renewable energy projects; inability to secure appropriate land; obtainment of permits; volatility of supply and demand in the energy market; exposure to many different forms of taxation in various jurisdictions; purchaser's inability to fulfill contractual obligations or refusal to accept delivery of power under power purchase agreements or power hedges; changes in governmental support to increase electricity to be generated from renewable sources by independent power producers; fluctuations affecting prospective power prices; relationships with Indigenous communities and stakeholders; inability of the Corporation to execute its strategy for building shareholder value; inability to raise additional capital and the state of the capital market; liquidity risks related to derivative financial instruments; interest rate fluctuations and refinancing; foreign exchange fluctuations; changes in general economic conditions; financial leverage and restrictive covenants governing current and future indebtedness; possibility that the Corporation may not declare a dividend or may reduce the amount of the dividend; insufficiency of insurance coverage; litigation; credit rating may not reflect actual performance of the Corporation or a lowering (downgrade) of the credit rating; revenues from certain facilities will vary based on the market (or spot) price of electricity; host country economic, social and political conditions; reliance on intellectual property and confidentiality agreements to protect the Corporation's rights and confidential information; reputational risks arising from misconduct of representatives of the Corporation; and ability to attract new talent or to retain officers or key employees. For more information on the risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the forward-looking information or on the principal assumptions used to derive this information, please refer to the "Forward-Looking Information" section of the Management's Discussion and Analysis for the year ended December 31, 2024. SOURCE Innergex Renewable Energy Inc. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
30-05-2025
- Business
- Globe and Mail
Innergex and MMBC Announce Construction Financial Close of the Mesgi'g Ugju's'n 2 Wind Project
LONGUEUIL, QC , May 30, 2025 /CNW/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") and Mi'gmawei Mawiomi Business Corporation ("MMBC") are pleased to announce the closing of the financing for the construction and operation of the 102 MW Mesgi'g Ugju's'n 2 Wind Project. The financing consists in a $163.9 million green loan, an interconnection bridge loan of $41.0 million and a LC facility of $10.2 million with CIBC, Desjardins Group and National Bank of Canada as Lenders, Joint Bookrunners, Coordinating Lead Arrangers and Green Loan Coordinators. The financing was informed by the Green Loan Principles and the Desjardins Group acted as Administrative Agent for the senior lenders syndicate. "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," said Michel Letellier , President and Chief Executive Officer of Innergex. "We thank MMBC and the Mi'gmaq communities for their continued trust and partnership. This project is a powerful example of how strong Indigenous-led partnerships and clean energy development go hand in hand to generate economic and environmental value." "This project represents more than megawatts on the grid, it is a testament to Mi'gmaq leadership in the energy transition," said Frederic Vicaire , CEO of MMBC. "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." Mesgi'g Ugju's'n 2 is a 102 MW wind project to be located in the MRC d'Avignon and an extension to the existing 150 MW Mesgi'g Ugju's'n wind facility commissioned in 2016. The wind project is the result of a 50-50 renewed partnership between Innergex and the three Mi'gmaq communities in Quebec – Gesgapegiag, Gespeg and Listuguj – represented by MMBC. The project recently obtained the government decree authorizing construction and major contract negotiations have advanced significantly, including the execution of the Balance of Plant agreement (BOPA) with Borea Construction and the Turbine Supply Agreement (TSA) with Nordex. These key milestones enable the teams to proceed with construction preparation and pave the way for activities to ramp up in the coming months. Upon its commissioning scheduled in 2026, the electricity to be produced by Mesgi'g Ugju's'n 2 will be sold under a 30-year "take-or-pay" power purchase agreement indexed to 25% inflation with Hydro-Québec. The project financing includes a subordinated construction loan of $92.5 million and an equity loan of $15.4 million provided by a Canadian financial institution, demonstrating the innovative structuring approach behind this Indigenous-led wind project. Plan A Capital, as mandated financial advisor for MMBC, structured and sourced an equity loan from a Canadian financial institution to Mesgi'g Ugju's'n 2 Holding L.P. About Mi'gmawei Mawiomi Business Corporation Mi'gmawei Mawiomi Business Corporation ("MMBC") is an organization established by the three Mi'gmaq communities located on the territory of Gespe'gewa'gi, namely, Gesgapegiag, Gespeg and Listuguj . MMBC is the economic arm of the three Mi'gmaq communities, and its mission is to create and manage wealth, and initiate business opportunities in the sustainable development of natural resources, as well as in services and knowledge industries. Through investments, acquisitions, and the establishment of partnerships and diverse business ventures, MMBC's goal is also to support meaningful improvement in employment and economic security. For more info, see About Innergex Renewable Energy Inc. For 35 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada , the United States , France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 91 operating facilities with an aggregate net installed capacity of 3,737 MW (gross 4,693 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and 3 battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,547 MW), 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,288 MW. Its approach to building shareholder value is to generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital. To learn more, visit or connect with us on LinkedIn. Cautionary Statement Regarding Forward-Looking Information To inform readers of the Corporation's future prospects, this press release contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"), including the Corporation's growth targets, power production, prospective projects, successful development, construction and financing (including tax equity funding) of the projects under construction and the advanced-stage prospective projects, sources and impact of funding, project acquisitions, execution of project-level financing (including the timing and amount thereof), and strategic, operational and financial benefits and accretion expected to result from such acquisitions, business strategy, future development and growth prospects, business integration, governance, business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as "approximately", "may", "will", "could", "believes", "expects", "intends", "should", "would", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or "forecasts", or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release. Forward-Looking Information includes future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the Corporation's targeted production, the estimated targeted revenues and production tax credits, targeted Revenues and Production Tax Credits Proportionate, targeted Adjusted EBITDA and targeted Adjusted EBITDA Proportionate, targeted Free Cash Flow, targeted Free Cash Flow per Share and intention to pay dividend quarterly, the estimated project size, costs and schedule, including obtainment of permits, start of construction, work conducted and start of commercial operation for Development Projects and Prospective Projects, the Corporation's intent to submit projects under Requests for Proposals, the qualification of U.S. projects for PTCs and ITCs and other statements that are not historical facts. Such information is intended to inform readers of the potential financial impact of expected results, of the expected commissioning of Development Projects, of the potential financial impact of completed and future acquisitions and of the Corporation's ability to pay a dividend and to fund its growth. Such information may not be appropriate for other purposes. Forward-Looking Information is based on certain key assumptions made by the Corporation, including, without restriction, those concerning hydrology, wind regimes and solar irradiance; performance of operating facilities, acquisitions and commissioned projects; availability of capital resources and timely performance by third parties of contractual obligations; favourable economic and financial market conditions; average merchant spot prices consistent with external price curves and internal forecasts; no material changes in the current assumed U.S. dollar to Canadian dollar and Euro to Canadian dollar exchange rate; no significant variability in interest rates; the Corporation's success in developing and constructing new facilities; no adverse political and regulatory intervention; successful renewal of PPAs; sufficient human resources to deliver service and execute the capital plan; no significant event occurring outside the ordinary course of business such as a natural disaster, pandemic or other calamity; continued maintenance of information technology infrastructure and no material breach of cybersecurity. Forward-Looking Information involves risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the Forward-Looking Information. These are referred to in the "Risks and Uncertainties" section of the Annual Report and include, without limitation: equipment supply; global climate change: variability in hydrology, wind regimes and solar irradiance; global climate change: extreme weather events; IT security risks and cyberattacks; increase in water rental cost or changes to regulations applicable to water use; performance of major counterparties, delays, cost overruns; non compliance with project site regulatory requirements leading to penalties, fines and other consequences; impact of failure to comply with project's environmental commitments or requirements throughout project lifetime; equipment failure, unexpected operations and maintenance activity and increased asset maintenance on ageing equipment; health and safety risks; availability and reliability of transmission systems; resource assessment and performance variability; preparedness to facing natural disasters and force majeure; pandemics, epidemics or other public health emergencies; inability to secure new profitable PPAs; inability to renew PPAs at adequately profitable prices; failure to bring projects into commercial operation within contractually stipulated delay; regulatory and political risks; risks related to U.S. production and investment tax credits, changes in U.S. corporate tax rates and availability of tax equity financing; increases in operational cost and financial uncertainty surrounding development of new facilities; social acceptance of renewable energy projects; inability to secure appropriate land; obtainment of permits; volatility of supply and demand in the energy market; exposure to many different forms of taxation in various jurisdictions; purchaser's inability to fulfill contractual obligations or refusal to accept delivery of power under power purchase agreements or power hedges; changes in governmental support to increase electricity to be generated from renewable sources by independent power producers; fluctuations affecting prospective power prices; relationships with Indigenous communities and stakeholders; inability of the Corporation to execute its strategy for building shareholder value; inability to raise additional capital and the state of the capital market; liquidity risks related to derivative financial instruments; interest rate fluctuations and refinancing; foreign exchange fluctuations; changes in general economic conditions; financial leverage and restrictive covenants governing current and future indebtedness; possibility that the Corporation may not declare a dividend or may reduce the amount of the dividend; insufficiency of insurance coverage; litigation; credit rating may not reflect actual performance of the Corporation or a lowering (downgrade) of the credit rating; revenues from certain facilities will vary based on the market (or spot) price of electricity; host country economic, social and political conditions; reliance on intellectual property and confidentiality agreements to protect the Corporation's rights and confidential information; reputational risks arising from misconduct of representatives of the Corporation; and ability to attract new talent or to retain officers or key employees. For more information on the risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the forward-looking information or on the principal assumptions used to derive this information, please refer to the "Forward-Looking Information" section of the Management's Discussion and Analysis for the year ended December 31, 2024 .
