Boralex obtains €20.4 million in financing for two French wind farms

By Tali Rackner

Norfolk, Va., June 23 – Boralex Inc. closed financing totaling €20.4 million (C$29.7 million) for the Plateau de Savernat and Avignonet II wind farms in France, according to a press release.

The amount is financed by Credit Industriel et commercial.

The long-term financing includes nearly €17.6 million, or 80% of the total investment, for the Plateau de Savernat wind farm and about €2.8 million for the Avignonet II wind farm.

The Plateau de Savernat financing is amortized over a 15-year period. The loan will bear interest at a rate of about 2.3% for the full term of the loan, 90% of which will be covered by a forward rate agreement.

Construction on the wind farm has begun and commissioning is slated for the end of 2016, the release said.

The Avignonet II loan is amortized over a 9.5-year period, or the remaining term of the power purchase agreements in effect for the Avignonet II facility plus an additional period of two years, and will bear interest at a rate of about 1.72% for the full term of the loan, 90% of which will be covered by a forward rate agreement.

This wind farm was commissioned in 2008 and had not been financed to date. The proceeds will be used to invest in its projects under development and support its growth initiatives.

Boralex is a Kingsey Falls, Quebec, power generating company.

© 2015 Prospect News.
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