Inuit-owned Innavik Hydro Project financial closing

On Nov. 4, 2020, Innergex Renewable Energy Inc. and Pituvik Landholding Corporation reached the financial closing of a $92.8-million non-recourse construction and term project financing with The Manufacturers Life Insurance Company for the construction of the Innavik Hydroelectric Project, a 7.5 MW run-of-river hydroelectric facility on the Inukjuak River near Inukjuak, Nunavik, in northern Quebec.

The project was 12 years in the making and will replace the current diesel system in Inukjuak with clean and renewable energy. The project is the first-ever partnership between an Inuit corporation, which was formed under the James Bay and Northern Québec Agreement, and a leading independent power producer. Revenue from the facility will also generate a host of other benefits, such as supporting entrepreneurship and enabling the community to establish local support programs and initiatives.

Construction of the Innavik Hydroelectric Project is under way and is expected to be completed in two years.

The in-house legal team of Innergex consisted of
Yves Baribeault, chief legal officer and secretary,
Cathy Villeneuve, legal counsel.

McCarthy Tétrault LLP represented Innavik Hydro and Innergex with a team led by
Richard O'Doherty,
and which included
François Dupuis,
Mathieu Leblanc,
Karina Gagnon,
Pierre Langlois,
Marc-Alexandre Hudon,
Marc-Antoine Addoumie,
Anne Marie McDonald,
Natalie Estevan (energy and financial services);
Danielle Drolet,
Danielle Gagnon,
Marie-Pier Gosselin (real property and planning);
Cindy Vaillancourt,
Amelia Fong (environmental);
Nicolas Cloutier,
Samuel Julien (tax).

Pituvik Landholding Corporation was represented in-house by
Alexandre Kibale.

Davies Ward Phillips & Vineberg LLP represented The Manufacturers Life Insurance Company with a team that included
Nick Williams,
Jennifer Prieto,
Todd Wierenga,
Dan Wolfensohn,
Charles Hébert (financing);
Elise Beauregard,
Élodie Fon,
Gabriella Lombardi,
Amélie Doyon (real estate);
Sarah Powell,
Chloé D'Astous (environmental and Indigenous).


Richard O'Doherty Nicholas C. Williams


McCarthy Tétrault LLP Davies Ward Phillips & Vineberg LLP