Innergex Renewable Energy Inc. (TSX: INE) is pleased to announce the closing of a non recourse financing of  $570.4 Million with regards to four operating wind farms, known as Carleton, Gros-Morne, L’Anse-à-Valleau and Montagne Sèche, located in the Gaspé peninsula of Quebec. Innergex became the sole owner of the five Cartier wind farms on October 24, 2018. The Baie-des-Sables wind farm is not included to secure the Cartier Credit Facility as it secures the corporate revolving credit facilities. The Cartier Credit Facility has a term of 14 years. Proceeds of the loan will be used to repay the existing credit facilities of the L’Anse-à-Valleau, Carleton and Montagne Sèche wind farms and to repay the $400 million one-year secured bridge loan granted to Innergex at the time of the acquisition of the five Cartier wind farms. Innergex will use the rest of the proceeds, net of expenses, to deleverage its Corporate Facilities.

“We are pleased with this financing which surpassed our initial expectation of $400 million negotiated for the bridge loan, by $69.0 million. The difference will provide Innergex with even more flexibility to further advance our projects in development and to pursue our growth strategy,” said Michel Letellier, President and Chief Executive Officer of Innergex.

Innergex has hedged 100% of the interest rate with the lenders for the duration of the Cartier Credit Facility. The all-in interest rate for the loan is therefore fixed at around 4.33% for 14 years.

The $570.4 million non-recourse financing is extended by MUFG Bank, Ltd. (“MUFG”) and Bank of Montreal (“BMO”), as Coordinating Lead Arrangers and Joint Bookrunners and Canadian Imperial Bank of Commerce, Sumitomo Mitsui Banking Corporation Canada branch and Bayerische Landes Bank, New York Branch as Mandated Lead Arrangers. MUFG acts as administrative and collateral agent and BMO as syndication agent.

Concurrent with closing, Innergex amended and restated its Corporate Facilities to adjust the security package and extend the maturity date from December 2022 to December 2023.

About Innergex Renewable Energy Inc.

The Corporation is an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and geothermal power generation plants. As a global corporation, Innergex conducts operations in Canada, the United States, France, Chile and Iceland. Innergex manages a large portfolio of assets currently consisting of interests in 68 operating facilities with an aggregate net installed capacity of 2,091 MW (gross 3,072 MW), including 37 hydroelectric facilities, 25 wind farms, four solar farms and two geothermal facilities. Innergex also holds interests in five projects under development with a net installed capacity of 719 MW (gross 800 MW), two of which are currently under construction and prospective projects at different stages of development with an aggregate net capacity totaling 8,382 MW (gross 9,246 MW). Respecting the environment and balancing the best interests of the host communities, its partners, and its investors are at the heart of the Corporation’s development strategy. Its approach for building shareholder value is to generate sustainable cash flows, provide an attractive risk-adjusted return on invested capital and to distribute a stable dividend. Innergex Renewable Energy Inc. is rated BBB- by S&P.