SUBSCRIBE
PROFILE

Innergex and MMBC raise $323 mn for Mesgi’g Ugju’s’n 2 wind project

The 102 MW wind project in Québec secures structured loans from Canadian banks, marking a new stage for the joint venture between Innergex and the Mi'gmaq communities.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90$/month

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99$/year

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Sign up for free to unlock this article

Innergex énergie renouvelable inc. and the Mi’gmawei Mawiomi Business Corporation (MMBC) have finalised financing for the 102-megawatt (MW) Mesgi’g Ugju’s’n 2 wind project, located in the Avignon regional county municipality. The financial agreement totals CAD323 mn ($235.6 mn) and includes multiple debt instruments provided by a syndicate of Canadian lenders.

The financing package includes a green loan of CAD163.9 mn ($119.6 mn), a CAD41 mn ($29.9 mn) bridge loan for grid interconnection, and a CAD10.2 mn ($7.4 mn) credit facility. Canadian Imperial Bank of Commerce (CIBC), Mouvement Desjardins and National Bank of Canada acted as joint bookrunners, co-lead arrangers, and coordinators for the green loan. Mouvement Desjardins also served as administrative agent for the senior lenders.

A structured Indigenous partnership model

The project stems from an equal partnership between Innergex and the three Québec Mi’gmaq communities — Gesgapegiag, Gespeg, and Listuguj — represented by MMBC. It is an expansion of the original 150 MW Mesgi’g Ugju’s’n wind facility commissioned in 2016 on the same territory.

Additional financing includes a subordinated construction loan of CAD92.5 mn ($67.5 mn) and an equity loan of CAD15.4 mn ($11.2 mn), both provided by an unnamed Canadian financial institution. These funds were structured for the limited partnership Parc Éolien Mesgi’g Ugju’s’n 2 (MU2) L.P., with advisory support from financial consultant Plan A Capital, mandated by MMBC.

Project development and commissioning timeline

The project recently received its governmental authorisation and is progressing on key contract signings. An agreement has been finalised with Borea Construction for related facilities, while Nordex will supply the wind turbines. Construction mobilisation is scheduled to begin in the coming months.

Electricity generated by Mesgi’g Ugju’s’n 2 will be sold to Hydro-Québec under a 30-year power purchase agreement indexed to 25% of inflation. Commercial operations are expected in 2026.

The financing structure complies with the Green Loan Principles published by the Loan Market Association, ensuring traceability of funds allocated to eligible components of the project.

  • Popular on energynews.pro
TotalEnergies appoints Nicola Mavilla as global head of exploration
Global renewable capacity set to double by 2030, led by solar power
Africa aims for local transformation to gain weight in the global energy economy
Iberdrola adds 708 MW of solar capacity to joint venture with Norges Bank
EDF power solutions and El Paso Electric launch 150 MW solar facility in New Mexico
Shell warns of economic impact from halted offshore wind projects in the United States
Shell U.S. president stated that cancelling fully permitted wind projects severely undermines investor confidence in the energy sector.
TotalEnergies and EDF consider strategic alliance in offshore wind in the Channel
TotalEnergies could bring EDF into the Centre Manche 2 offshore wind project after RWE’s planned withdrawal, strengthening the industrial and financial prospects of the two neighboring parks scheduled for 2032.
Envision Energy to supply 124 turbines for Kazakhstan’s 1 GW Mirny wind project
Envision Energy has signed an agreement to equip Kazakhstan’s largest wind power project, marking a strategic step in energy cooperation with TotalEnergies, Samruk-Energo and KazMunayGas.
Vattenfall files application for 2.9GW onshore wind farm in Sweden
The Swedish energy group aims to produce 9TWh per year with its Storlandet project, intended to meet rising demand from the mining and steel industries in the north of the country.
Hokkaido and Tohoku EPCO take stake in Japan’s largest offshore wind farm
The two regional utilities join a JERA-led consortium to support the operation of the Ishikari Bay offshore wind farm, which entered service in early 2024.
Axpo evaluates fourth wind project in the canton of St. Gallen
Energy group Axpo is considering a new installation of three wind turbines in Wil, aimed at powering around 5,000 households and strengthening Switzerland's winter electricity production.
Encavis acquires 48 MW wind farm from ABO Energy and signs four additional projects
Encavis strengthens its wind portfolio in Germany with the acquisition of a Schierenberg project and the signing of four new partnerships with ABO Energy, for a joint total capacity of 106 MW.
Boralex launches energy support programme for residents near its power plants
Boralex rolls out an energy assistance scheme for residents near its wind and solar farms, with a pilot project launched in two communes in Haute-Loire.
Eiffage secures €1.5bn contract for offshore wind substations
Eiffage, through its Belgian subsidiary Smulders, will build three electrical substations to connect offshore wind farms in Brittany and the Mediterranean, under a contract exceeding €1.5bn ($1.59bn).
Envision Energy obtains an environmental declaration for its 6 MW wind turbines
Envision Energy has published an environmental product declaration for two of its turbines, a milestone certified to ISO standards aimed at strengthening its position in international wind markets.
Yaway opens in France an ultra-fast station directly connected to wind turbines in Breteuil
Yaway, a brand of Kallista Energy, commissions in Breteuil a very high-power charging station directly connected to wind turbines, offering a price of €0.30/kWh ($0.32/kWh) and a maximum power of 400 kW, with no subscription.
Fortescue signs with Envision to develop 132 MW of wind power in the Pilbara
Fortescue has selected Envision Energy to supply next-generation turbines in Australia, the first step in a project targeting 2 to 3 GW of renewable generation backed by batteries.
Vena Energy commissions 7.5 MW onshore wind farm in Nagasaki
Singapore-based developer Vena Energy has launched operations at its third wind power plant in Japan, located in Saikai, Nagasaki Prefecture, with a grid-connected capacity of 7.5 MW.
Ørsted and KOEN join forces for 1.4 GW offshore wind project in Incheon
Ørsted and Korea South-East Power Co. (KOEN) have signed a memorandum of understanding to explore joint development of the 1.4 GW Incheon offshore wind project, located off South Korea’s west coast.
RWE completes foundation installation at Thor offshore wind farm
RWE has finalised the installation of all 72 monopiles at the 1.1 GW Thor offshore wind farm off the Danish coast, marking a key milestone ahead of secondary structure and turbine installation scheduled for 2026.
376 wind projects secure 3.45 GW in Germany’s 1 August tender
The Bundesnetzagentur awarded 376 projects totalling 3.45 GW, with a weighted average price of 6.57 cents per kilowatt-hour, without reducing the volume despite an undersubscription risk.
Alternergy acquires two Quezon wind projects from CleanTech
Alternergy strengthens its portfolio by acquiring two wind projects from CleanTech in Quezon Province, expanding its growth strategy beyond the 500MW mark.
Orsted restarts construction of Revolution Wind offshore project in the United States
Orsted has resumed work on its Revolution Wind offshore wind farm, previously halted by federal authorities, after a court ruling allowed construction to continue despite ongoing legal action from the U.S. government.
All candidates withdraw from offshore wind project near Oléron Island
No candidate submitted a final offer for the 1 GW project off Oléron Island, despite an initial shortlist of nine consortiums including major European energy groups.
TotalEnergies invests €4.5bn in offshore wind farm off the coast of Normandy
TotalEnergies and RWE secure the Centre Manche 2 contract, France’s largest offshore wind project to date, with an estimated investment of €4.5bn ($4.82bn).