KfW IPEX-Bank Supports 350 MW Wind Project in Québec’s Forested Region with EUR 140 Million Financing

KfW IPEX-Bank Supports 350 MW Wind Project in Québec’s Forested Region with EUR 140 Million Financing

(IN BRIEF) KfW IPEX-Bank is contributing EUR 140 million as co-lead arranger in a major financing package for a 350 MW wind farm in Québec, Canada, alongside several Canadian banks. The Pohénégamook-Picard-Saint-Antonin-Wolastokuk 1 (PPAW1) Energy Centre, featuring 56 Vestas turbines, is backed equally by Invenergy and a regional municipal coalition. The wind farm is set to begin operation by the end of 2026, with energy output secured through a long-term contract with Hydro-Québec. This project reflects both KfW’s ongoing investment in Canadian renewables and a broader commitment to global energy transformation.

(PRESS RELEASE) FRANKFURT, 10-Jun-2025 — /EuropaWire/ — KfW IPEX-Bank is co-leading a financing package worth approximately EUR 140 million for a major onshore wind energy project in Québec, Canada. The bank is collaborating with the National Bank of Canada, Desjardins Group, Canadian Imperial Bank of Commerce (CIBC), and the Canadian branch of Sumitomo Mitsui Banking Corporation (SMBC) to support the construction and operation of the 350 MW Pohénégamook-Picard-Saint-Antonin-Wolastokuk 1 (PPAW1) Energy Centre.

The PPAW1 wind farm will feature 56 Vestas wind turbines and is scheduled to be commissioned by the end of 2026. The project is situated in Québec’s forested hills and represents a strong commitment to sustainable infrastructure in North America.

The development is jointly sponsored by Invenergy—North America’s largest privately held developer and operator of renewable energy projects—and Alliance de l’énergie de l’Est, a coalition representing over 200 municipalities in eastern Québec. Each holds a 50 percent stake in the project. Energy generated by the wind farm will be sold under a long-term power purchase agreement with Hydro-Québec, ensuring a stable and clean energy supply for the region.

Dr. Velibor Marjanovic, Member of the Management Board of KfW IPEX-Bank, emphasized the significance of the project: “We finance such projects out of deep conviction. Québec is a key market for renewables, where we’ve already financed seven wind farms over the past thirteen years. This project further demonstrates our dedication to advancing the global energy transition.”

The PPAW1 initiative strengthens the role of community-led clean energy solutions in Canada and highlights the importance of international financial partnerships in accelerating climate-friendly infrastructure development.

Media Contact:

Ms Dela Strumpf
KfW IPEX-Bank Press Office
Tel: +49 69 7431-2984
email: Dela.Strumpf@kfw.de

SOURCE: KfW