Innergex is 27 million CAD for the 27MW Stardale project in Ontario

Innergex Renewable Energy (TSE:INE) has raised $117 million (US$121 million) of non-recourse project funding to support its East Hawkesbury, Ontario, Canada Stardale Solar Project in East-Hawkesbury. The company said that the total amount of funds is C$117.3 million, of which 5.6 million Canadian dollars (US$583) is used for the issuance of letters of credit, which provides adequate funding for the construction of the project. After the formal business operation effect meets certain conditions, the amount will be converted into 18-year amortization**.

This issue was arranged by Bank of Tokyo Mitsubishi UFJ (NYSE:MTU) Bank of Tokyo. The bank will appear as the main organizer and management agent. This time, the company only contacts a certain number of banks. At the same time as this ugly dust settled, Innergex turned its attention to financial derivatives, expecting it to stabilize the interest rate after the official start of commercial operations and before the expiry of the **.

The project started in November 2010 and is expected to be completed on schedule in the first quarter of 2012 and guaranteed not to exceed the budget. The Stardale project will be built on two 300-acre lands in Russell County. It will consist of a ground-mount PV array system with a total of approximately 144,060 SolarWorld SW 230 polycrystalline photovoltaic modules and 54 inverters. The capacity is 27MW (AC) (33.2MW [DC]). It is estimated that the annual power generation will be around 39 GWh, enough to supply about 2,600 households.

The electricity generated by this project will be sold under the Renewable Energy Standard Offer Program signed by the Ontario Power Authority. The electricity price stipulated in the RESOP agreement will be fixed at US$420 per MWh. The contract period is 20 years, effective from the date Stardale officially begins commercial operations.