World Finance

World Finance

July 21, 2016 05:43 ET

Innergex Scoops World Finance Award for Upper Lillooet Hydro Project

LONDON, UNITED KINGDOM--(Marketwired - July 21, 2016) - Despite an 88 percent surge in clean energy investment the year before last, spending on renewables in Canada suffered a 46 percent slide in 2015 and defied an otherwise impressive year for renewables investment. Keeping hold of its eighth placed global ranking requires that renewables companies like Innergex step up and be heard.

The new issue of World Finance magazine takes a look at Innergex's new renewables project as part of the World Finance Project Finance Awards 2016 and asks what it and other companies are doing to lead the renewables transition.

Innergex's plans to construct the Upper Lillooet Hydro Project fall in step with much broader ambitions to expand Canada's renewables sector and reassert its credentials as an attractive investment opportunity. The Upper Lillooet Hydro Project includes the 25.3 MW Boulder Creek and 81.4 MW Upper Lillooet River run-of-river hydroelectric projects, both of which are located near Pemberton, British Columbia. The financing is exceptional by virtue of its size at almost CAD 500m, and should be considered even more so thanks to its 40-year term and unique characteristics.

Transformative on this and other counts, the project itself is thoroughly deserving of the award for Hydro Power Deal of the Year in this year's Project Finance Awards. By tailoring the financing to meet the different - and complementary - investment objectives of multiple lenders, the borrowers were able to secure a large amount of capital for the long term and at a very low fixed cost.

If nothing else, the Upper Lillooet Hydro Project is proof that Canadian pension funds and life insurance companies are pioneers in project finance. More than that, the project is proof that Innergex is a renewables leader in the country, and is doing its fair share to atone for a bad year on the renewables investment front.

As one of Canada's leading independent renewable power producers, its mission is to increase renewables production by developing and operating high-quality facilities; all while respecting the environment and balancing the best interests of its host communities, partners, and investors.

To read more on the winners of this year's Project Finance Awards, pick up the latest issue of World Finance, available in print and online now.

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Contact Information

  • For further media information contact:
    World Finance
    Matthew Timms
    Editorial Department
    +44 (0)20 7553 4177