Invenergy and Alliance de l’énergie de l’Est have announced the closing of C$1.1 billion ( US$801 million ) in financing for the Pohénégamook-Picard-Saint-Antonin-Wolastokuk 1 ( PPAW 1 ) Wind Energy Centre in Quebec.

Alliance de l’énergie de l’Est, a coalition of over 200 municipalities in the eastern Québec region, and Invenergy are providing equity financing for the project. The remaining funds will be financed through bank credit facilities, primarily through Canadian financial institutions, including the Desjardins Group, National Bank of Canada, and Canadian Imperial Bank of Commerce ( CIBC ), as well as Japan's Sumitomo Mitsui Banking Corporation’s ( SMBC ) Canada Branch and Germany's KfW IPEX-Bank GmbH. The German bank is contributing the equivalent of €140 million ( US$161.87 million ).

The Desjardins Group functions as the administrative agent, the National Bank of Canada as the documentation agent and green loan coordinator, with the Desjardins Group, CIBC and SMBC. All the banks are acting as  the coordinating lead arranger of the bank syndicate. The financing was structured in line with the Green Loan Principles.

The 350-megawatt PPAW 1, a joint venture between Invenergy and the Alliance de l’énergie de l’Est, was chosen by Hydro-Québec in a 2023 tender process. Construction is set to start this year, with operations expected to commence by the end of 2026. Danish manufacturer Vestas will supply the 56 wind turbines.

The purchase of the clean energy is secured through a long-term contract with Hydro-Québec.

Invenergy is North America’s largest privately held developer, owner, and operator of clean energy. Headquartered in Chicago, the company has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland, and Scotland.

Invenergy has developed more than 34 gigawatts of projects, which are in operation, under construction, or contracted, including natural gas, solar and wind power generation, transmission infrastructure, and advanced energy storage projects.