Boralex secures C$64.4 million of project financing for wind farm

By Lisa Kerner

Charlotte, N.C., Aug. 11 – Boralex Inc. closed project financing totaling C$64.4 million for the Cote-de-Beaupre 23.5 MW community wind farm in partnership with the Cote-de-Beaupre Regional County Municipality.

The financing consisted of a C$54.8 million construction loan, to be converted into a term loan with a 19.5-year term after the beginning of commercial operations, and short-term credit facilities, including bridge financing and a letter of credit facility, totaling C$9.6 million.

The credit facilities are for financing certain costs incurred during construction that are reimbursable by Hydro-Quebec and issuing various letters of credit, according to a news release.

The project is now fully financed and commissioning of the wind farm is expected by December 2015.

National Bank of Canada was lead arranger and sole bookrunner.

Canadian power-generating company Boralex is based in Kingsey Falls, Quebec.

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