Boralex Inc. announced that its subsidiary Boralex Europe S.A. has entered into a long-term financing agreement for the Fortel-Bonnières and Saint-François wind farms with a total installed capacity of 46 MW and 16 GE 2.85 MW turbines.
The entire amount of nearly €65 million (U.S.$89.9 million) or 82% of the total investment is financed by KfW IPEX-Bank. Loan disbursement is subject to certain customary conditions, which should be fulfilled by the end of April 2014.
The loan will be amortized over a 15-year period at a rate of approximately 3.70% for the full loan term.
Construction is underway at both sites, which are expected to be commissioned at the end of 2014 for an initial tranche of 23 MW, and in early 2015 for the second 23 MW tranche.
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of more than 650 MW in Canada,France and the Northeastern United States. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add approximately 250 MW of power that will be put in service by the end of 2015. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Boralex’s shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively.