Boralex Inc. has announced the closing of a CAD33.4 million (US$25.4 million) financing for the 10 MW Port Ryerse wind farm in Ontario, Canada.
Long-term financing is provided by the DZ Bank AG Deutsche Zentral-Genossenschaftsbank (New York Branch). The financing consists of a CAD2.0 million (US1.5 million) letter of credit facility and a long-term tranche of CAD31.4 million (US$23.8 million). The latter will be amortized over a period of 18 years beginning December 9, 2016, the date of the project's commercial operation.
The project involves four Siemens SWT 3.0 113 wind turbines generators located on privately-owned lands east of the hamlet of Port Ryerse in Norfolk County, Ontario. The project is covered by a 20-year power purchase agreement (PPA) with Ontario's Independent Electricity System Operator (IESO). The commissioning was in December 2016.
On February 7, 2017, Boralex acquired all of the units of UDI Renewables Corporation, representing 25 % of Port Ryerse Wind Farm Limited Partnership, making Boralex the sole project holder.