12:50 PM EST, 12/16/2024 (MT Newswires) -- Innergex Renewable Energy ( INGXF ) on Monday said it closed a $142-million non-recourse bridge loan with First Citizens Bank to support the Hale Kuawehi solar and battery storage project through its final stages.

The proceeds will also be used to repay the corporate revolving credit facility, effectively reducing corporate leverage.

The company said the project's revenues, upon commissioning, will be secured through a 25-year power purchase agreement with Hawaii Electric Light Company and is eligible to receive a federal Investment Tax Credit sized to about 30% of the project's eligible costs.

The construction bridge loan is expected to be repaid with the proceeds from a future long-term non-recourse financing after the facility reaches commercial operation, Innergex said in a statement.

Shares of the company were last seen down $0.01, or 0.1%, at $8.40 on the Toronto Stock Exchange.

Price: 8.40, Change: -0.01, Percent Change: -0.12