Innergex Renewable Energy received the Hydro Power Deal of the Year award for the 106.7-MW Upper Lillooet Hydro Project, given by World Finance magazine. According to a press release, financing for the Upper Lillooet Hydro Project near Pemberton, British Columbia, “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.”
The borrowers secured a large amount of capital for the long term and at a very low fixed cost by tailoring the financing to meet the different – and complementary – investment objectives of multiple lenders, the press release says.
World Finance cites the details as: “A CAD 491.6m non-recourse construction and term project financing deal was secured in March 2015 for the ULHP. The lenders are two life insurance companies – Manulife and Canada Life – and a pension fund (the Caisse de Depot et Placement du Quebec) and the complexity of the financing boils down to two matters: the size – CAD 491m – and the tenure of the loan, at 40 years.”
— Hydro Review, September 2016