Innergex secures $534 million funding to establish Boswell Springs wind farm

Innergex Renewable Energy has received $534 million in construction financing from BNP Paribas, Credit-Agricole CIB, and Export Development Canada for the construction of a 329.8MW Boswell Springs wind farm in Albany County, Wyoming. Mortenson, a Minnesota-based construction firm, has been appointed as the wind farm’s engineering, procurement, and construction contractor, with AEI as the transmission line contractor.

The loan comprises a ten-year non-recourse term loan for $203 million. The wind farm, which will be located on 21,500 acres of private land, will be powered by 100 GE Vernova wind turbines. It will generate 1.16 gigatonnes of renewable electricity per year, enough to power 113,000 Wyoming homes. The wind farm’s power will be supplied into PacifiCorp’s grid via the Last Mile Transmission project at the Freezeout Substation in Carbon County, a distance of 34.5 miles.

Construction work has already begun on the site. During the 17-month construction period, around 150-200 jobs will be generated. The wind farm at Boswell Springs will be operational by the end of 2024. The project is eligible for up to 120 per cent in production tax credits (PTCs), including a 10 per cent PTC bonus for the energy community and a 10 per cent PTC bonus for domestic content. Its placement in a ‘energy community’ also qualifies it for the PTC incentive for energy communities.