The Madawaska Wind project in Quebec reaches financial start

The 274-MW project is located in the municipalities of Dégelis and Saint-Jean-de-la-Lande within the Regional County Municipality (RCM) of Témiscouata, in the Bas-Saint-Laurent region. The closing follows the recent issuance of the government decree authorising the project, giving the green light for implementation.

The required capital for the project has been secured through lead arrangers Canadian Imperial Bank of Commerce, National Bank of Canada, Desjardins Group, and KfW IPEX-Bank. Canadian Imperial Bank of Commerce acted as administrative agent. The financing is structured in accordance with the Green Loan Principles, with Canadian Imperial Bank of Commerce, National Bank of Canada, and Desjardins Group acting as co-ordinators for the application of these principles.

Amy Lloyd, CFO of EDF power solutions North America, commented: “Securing this financing underscores the commercial viability and strategic importance of the Madawaska Wind project in achieving Quebec’s energy transition goals and the importance of our collaboration with local communities. We are especially grateful to our financial partners for supporting the project, allowing us to move forward with the construction phase. Beyond strengthening the Hydro-Québec grid with low-carbon capacity, we’re delivering a win for the climate and a lasting economic boost for the community.”

Michel Lagacé, President of Alliance de l’énergie de l’Est, added: “I would like to express our gratitude to our financial partners, as well as our partners EDF power solutions and Hydro-Québec. This funding underscores the importance of the Madawaska project for Quebec and for the host communities here in eastern Quebec.”

Mathieu Johnson, Senior Vice President – Partnerships and Development, Hydro-Québec, noted: “The financing agreement for the Madawaska Wind project marks a key step towards achieving our energy transition ambitions. This project is part of our wind power development strategy, which calls for adding 10 000 MW by 2035, while working closely with the community, in order to generate tangible, long-term benefits for the regions.”

Madawaska Wind will feature 45 wind turbines, which will be connected to Hydro-Québec’s grid. Once completed, the project will generate enough energy to power more than 44 000 homes per year.

The project contributes directly to the decarbonisation of the Quebec economy while providing significant local benefits. Over the course of the project, the member communities of the Alliance de l’énergie de l’Est will share approximately CAN$181 million. While the host communities, Dégelis and Saint-Jean-de-la-Lande, will share more than CAN$25 million.

Preparatory work for the construction phase has been underway since January 2026. With financing closed, the Madawaska Wind can officially move into the construction phase, generating more than 300 jobs. The project partners are committed to working with local businesses and suppliers, ensuring sustainable development that benefits the community. The wind farm is scheduled to begin operations in the fall of 2027.

Stikeman Elliott acted as legal counsel to the project for the transaction, with Blake, Cassels & Graydon LLP acting on behalf of the lenders.

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