Innergex Renewable Energy Inc., a renewable energy producer that develops hydroelectric power plants, wind farms and solar farms in Canada, the US, France and Chile, announced the successful completion of an 803 million dollars refinancing of the non-recourse debt of its portfolio of wholly owned assets in Chile. The portfolio being refinanced is composed of a combination of solar, wind and hydro assets as well as battery energy storage systems (“BESS’’) assets wholly owned by Innergex.

The transaction consists of a 710 million dollars green bonds issuance maturing in 2036 and a 93 million dollars letter of credit facility. The funds will be used to finance 176 million dollars for the acquisition of the Aela wind farms, while 73 million dollars will be used to finance the development activities of the Salvador energy storage project. The remaining will be used to repay 549 million dollars of existing debt and other transaction costs.

Chile’s asset portfolio received an investment grade rating, and green bonds were priced at competitive levels in the range of United States Treasury (UST). SMBC and CIBC Worlds Markets Corp acted as placement agent (books) and co-placement agent respectively for this transaction. SMBC also acted as financial advisor to Innergex in transaction structuring, as Sole Green bond Coordinator and as sole bank in the letter of credit facility.