- Innergex secured a CAD 142 million bridge loan to finalise the Hale Kuawehi solar project in Hawaii.
- The project has completed construction and entered final testing, with full commissioning expected in early 2025.
- A 25-year PPA with Hawaii Electric Light Company will provide long-term revenue while the project qualifies for a federal Investment Tax Credit.
Innergex Renewable Energy Inc. secured a non-recourse bridge loan of CAD 142 million (USD 100 million) from First Citizens Bank. The loan will help finalise the Hale Kuawehi solar project in Hawaii and repay the company’s revolving credit facility, reducing short-term debt.
The construction phase of the Hale Kuawehi project is complete. The project has entered its final testing and commissioning phase, which includes launching solar panels, inverters, and energy storage systems. Innergex expects to commission the project in early 2025 fully.
Once operational, the Hale Kuawehi project will operate under a 25-year Power Purchase Agreement (PPA) with Hawaii Electric Light Company. The PPA will secure stable, long-term revenues for the project. The project also qualifies for the federal Investment Tax Credit (ITC), covering up to 30% of eligible costs. The ITC reduces the overall financing burden without impacting Innergex’s equity.
Michel Letellier, President and CEO of Innergex, said the bridge loan reduces short-term debt and keeps the company financially flexible for future projects. Innergex plans to repay the loan once the project reaches full operational capacity. The company will then replace the bridge loan with long-term, non-recourse financing.
Innergex successfully activated the substation and interconnection points with the local grid, marking a key milestone. Once operational, this activation ensures the site can begin production and distribution.
Innergex plans to start commercial operations in the first quarter of 2025. The company will monitor the testing phase closely to ensure compliance with technical and operational standards. The project remains on track for completion.
The Hale Kuawehi solar project represents a significant step for Innergex as it expands its renewable energy portfolio. With the new bridge loan, Innergex reduces debt while completing the project and preparing for future developments.