- Innergex’s 322 MW of wind farms has been subjected to a $710 million green bond issuance.
- Innergex has also obtained a $93.1 million letter of credit.
A portfolio of Chilean renewable energy assets, including 322 MW of wind farms that Innergex Renewable Energy Inc. of Canada recently purchased from Aela, have been the subject of a $710 million green bond issuance.
The electricity company claimed that the deal had helped it pay off non-recourse debt worth $803.1 million and would leave it with about $88 million in cash. In addition to offering 2036 green bonds in an institutional placement with an oversubscribed market, it has also obtained a $93.1 million letter of credit.
The additional capital is intended for solar, wind, hydropower, and battery storage assets, with about $176.2 million of the total amount going toward the purchase of three wind farms from Aela, a partnership between Actis, a private equity investor, and Mainstream Renewable Power, a company based in Ireland. The 50.6 MW San Andres and 68 MW Salvador solar parks, the 18 MW Lican, the 55 MW Mampil, the 85 MW Peuchen hydro facilities, and a 50 MW/250 MWh battery storage system under construction are also included on the list.
As stated by Innergex, the arrangement does not apply to any Chilean assets in which it has a partial ownership interest. Innergex wholly owns all of the assets being refinanced.
“This refinancing allows us to unlock our portfolio value, optimise our capital structure and align with our growing business as we continue to focus on delivering long-term returns to shareholders,” said Michel Letellier.