Innergex Renewable Energy has begun commercial operation of the 350.3 MW Foard City wind farm, a project consisting of 139 GE wind turbines spreading over 31,449 acres in Foard County in Texas. The wind farm benefits from a 12-year power purchase agreement with Vistra Energy for 300 MW of the Foard City total installed capacity. The remainder of the project’s output will receive a merchant market price.

“The commissioning of Foard City is an important milestone for us as it is the largest wind farm project ever built by Innergex. With three wind farms now in operation in Texas as well as one solar photovoltaic project on the way, we’ll have an impressive installed capacity of more than 1,000 MW in the Lone Star State. With even more solar projects currently in development in Hawaii and Ohio, we’re continuing our growth by strategically strengthening our presence in the United States.” said Jean Trudel, Chief Investment and Development Officer of Innergex.

The construction loan of US$290.9 million (CAN$385.7 million) was repaid by a US$282.3 million (CAN$374.3 million) tax equity investment, with US$23.4 million (CAN$31.0 million) converted into a 7-year term loan facility with a 10-year amortization period.

The project will benefit from 100% of the US Production Tax Credits (“PTCs”), representing US$0.025 per KWh of electricity produced for the first 10 years of operations. This amounts to an after-tax benefit of approximately US$32.6 million per year (CAN$43.2 million) adjusted by inflation annually and, coupled with other tax attributes, will support the US$282.3 million (CAN$374.3 million) tax equity investment.