Boralex closes financing for two wind projects in Quebec
Boralex has closed project financing totaling CAD$145.8 million (US$111.5 million) for the 24 MW Frampton wind farm and the 23.5 MW Côte-de-Beaupré wind project in Québec, Canada.
The Frampton wind farm project, to be located in the Frampton municipality of the Chaudière-Appalaches region, received CAD$81.4 million (US$62.3 million) which consists of the following:
- A CAD$54.8 million (US$41.9 million) construction loan with a 19.5-year term as of commercial operation; and
- Short-term credit facilities, including bridge financing and a letter of credit facility, totaling CAD$7.9 million (US$6 million).
The Côte-de-Beaupré project, to be located on the private lands of the Seigneurie de Beaupré, received a total of CAD$64.4 million (US$49.3 million) which consists of:
- A CAD$54.8 million (US$41.9 million) construction loan with a 19.5-year term as of commercial operation; and
- Short-term credit facilities, including bridge financing and a letter of credit facility, totaling CAD$9.6 million (US$7.3 million).
The projects each have a 20-year Power Purchase Agreement (PPA) signed with Hydro-Québec and will consist of Enercon wind turbines (12 E-82s for Frampton, 10 E-92s for Beaupré).
Commissioning of both wind farms is expected by December 2015.
The two financing agreements were contracted with National Bank of Canada as lead arranger and sole bookrunner. Along with investments and commitments undertaken by Boralex and its partners, both projects are fully financed.
