Innergex Renewable Energy Inc., a Canadian company that owns hydropower, wind and solar farms, received a C$168.5 million ($165.8 million) loan to build a hydroelectric project in British Columbia.
Manulife Financial Corp., Canada Life Assurance Co. and Great-West Life Assurance Co. loaned the money for the Kwoiek Creek project, Longueuil, Quebec-based Innergex said in a statement today. The 49.9-megawatt project is equally owned by Innergex and the Kanaka Bar Indian Band.
Construction on the project, which would add to Innergex’s 20 operating hydroelectric plants, began in the fourth quarter of 2011. Commercial operation is expected to begin in the fourth quarter of 2013. The power will be sold to BC Hydro under a 40-year contract.
Innergex also said today it’s increasing the borrowing capacity of a previously announced revolving credit facility to C$425 million from C$350 million.