Innergex Acquires Large-Scale Solar PV Project from Longroad Energy

The company further said that the full notice to proceed with construction was issued and the commercial operation will be started during the third quarter of 2019.

Canadian renewable energy firm Innergex Renewable Energy has acquired 250MW AC/ 315 MW DC photovoltaic (PV) solar project in the United States from renewable energy developer Longroad Energy Partners.

The company further said that the full notice to proceed with construction was issued and the commercial operation will be started during the third quarter of 2019.

Moreover, the financial close for the project’s non-recourse construction, term debt and tax equity financing was also reached.

Commenting on the development, Innergex, President and CEO, Michel Letellier said, “We are very much looking forward to breaking ground on our largest solar project to date. I am confident that our experience and expertise in developing and managing renewable energy projects will ensure the successful completion of the Phoebe project and demonstrate our commitment to growing our diversified portfolio of assets.”

“With this acquisition, we are in a good position to provide peak renewable power to the ERCOT market, complementing wind energy production and diversifying our footprint in the state. This acquisition brings us closer to exceeding our goal of achieving net 2,000 MW by 2020 and we intend to continue pursuing development and acquisition opportunities of high-quality renewable energy assets to further generate value for our stakeholders,” Michel added.

Meanwhile, the total construction costs of the project are estimated at USD 397 million and will be partly financed in priority through a USD 292 million construction and long-term project financing led by the energy finance unit of CIT Group.