Canada’s Innergex Renewable Energy Inc. has closed a US $100 million non–recourse bridge loan with First Citizens Bank to support the Hale Kuawehi solar and battery storage project in Hawaii. The loan will primarily be used to repay the corporate revolving credit facility and reduce corporate leverage. The project, which has completed construction and grid interconnection, is now in the final commissioning and testing stages, with full operations expected in Q1 2025. Upon commissioning, it will operate under a 25-year power purchase agreement with Hawaii Electric Light Company and benefit from a federal Investment Tax Credit covering approximately 30% of eligible costs. The bridge loan will be repaid through future long-term financing after the project reaches commercial operation.
Innergex secured $100M loan for Hawaii solar-storage project
Hale Kuawehi solar-storage project enters final testingand is set for Q1 2025 operations under a 25-year agreement with Hawaii Electric Light Company. (Image Source: Innergex)
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