Innergex Renewable Energy Inc. is pleased to announce that it has signed a 12-year power purchase agreement ("PPA") with an affiliate of Luminant, a large Texas-based power company, for 300 MW of its Foard City wind project located in Foard County, Texas. Sales under the PPA will start upon the facility reaching commercial operation.
Development of the Foard City wind project is progressing very well and Innergex expects to issue full notice to proceed with construction in the fourth quarter of 2018. Site control is complete, as well as other development milestones such as environmental impact assessments and the signing of local property tax abatement agreements. Innergex has also recently executed an interconnection agreement for Foard City with Electric Transmission Texas, LLC. Commercial operation is expected in the third quarter of 2019. Upon completion of the project, the facility should reach an installed capacity of approximately 350 MW.
Additionally, Innergex believes that the on-site activities performed since 2016 should qualify the Foard City wind project for USA renewable tax incentives (production tax credits or "PTCs"). Discussions with financiers to secure tax equity and debt financing for the project are currently underway.
"With all of our ongoing development activities in the US, we are very pleased to have developed a new relationship with a strong offtaker such as Luminant," said Michel Letellier, President and Chief Executive Officer of Innergex. "Innergex is on a growth trajectory and, thanks to our dedicated team of talented people, we intend to seize every sound opportunity to pursue our development in Canada, the United States, France and in Latin America. We are on track to reach and exceed a net installed capacity of over 2,000 MW by 2020."
Source: Innergex Renewable Energy Inc.
Date: May 8, 2018