Boralex reaches financing 30 MW wind project in France

Boralex has announced the closing of financing of €46.4 million (US$54.9 million) for the Chemin de Grès wind farm in France’s Nord department.

The long-term financing of the 30 MW Chemin de Grès wind farm located in the communes of Viesly and Saint-Python is provided by a syndicate of lenders led by Crédit Industriel et Commercial, which is also acting as agent, lender and hedge bank, Bpifrance Financement S.A., as lender, and Arkea Banque Entreprise et Institutionnels, as hedge bank.

The financing comprises, among other things, tax-free long-term financing of €40 million and VAT credit financing of €6.4 million. In light of the swaps put in place, the €40 million loan will bear interest at an average rate of around 2.05 %. It will be amortized over a fifteen year period.

The commissioning of the Chemin de Grès wind farm project is slated for late 2017. The site will be composed of 9 wind turbines of 3,3 MW each.