KfW IPEX-Bank: Financing for PPAW 1 Wind Energy Centre in Canada

KfW IPEX-Bank is financing the equivalent of EUR 140 million for a wind energy project, serving as co-lead arranger in collaboration with National Bank of Canada, the Desjardins Group, Canadian Imperial Bank of Commerce (CIBC) and Sumitomo Mitsui Banking Corporation’s (SMBC) Canada Branch. The project involves the construction and operation of the 350 MW onshore wind farm, Pohénégamook-Picard-Saint-Antonin-Wolastokuk 1 (PPAW1) Energy Centre in the province of Québec, Canada. The total of 56 wind turbines will be supplied by Danish manufacturer Vestas, with commissioning of the wind farm planned for the end of 2026.

The project sponsors are Invenergy, North America’s largest privately held developer, owner, and operator of clean, reliable and affordable energy solutions, and Alliance de l'énergie de l'Est, a coalition of over 200 municipalities in the eastern Québec region, each holding a 50 percent stake. The purchase of the clean energy is secured through a long-term contract with Hydro-Québec.

“We finance such projects out of deep conviction,” says Dr Velibor Marjanovic, Member of the Management Board of KfW IPEX-Bank. “Canada, and particularly Québec, is a significant market for renewable energy, where we have had very positive experiences with seven financed wind farms in the last thirteen years and are eager to continue our involvement. This underlines our commitment to supporting and driving forward the transformation of the economy and society worldwide.”