Boralex Inc. has announced the closing of financing for three wind farms in France for a total amount of approximately 100 million euros.
The three wind farms concerned are the 24 MW Mont de Bagny, 23.1 MW Artois and 10 MW Voie des Monts projects. The financing has been provided by Crédit Industriel et Commercial and BPI France Financement and is based on a debt/equity ratio of 80 percent. It consists of a 10-year, 52.4 million euro tranche at a fixed rate of 0.8 percent and a 15-year, 37.0 million euro tranche at a variable rate of about 2.5 percent over the entire loan term, 90 percent of which will be covered by an interest rate hedging contract. The average interest rate over the 15-year period will be approximately 1.77 percent.
Construction has already begun on all the projects and they are expected to be commissioned by the end of 2017, except for the Artois wind farm whose commissioning is slated for the end of the second quarter of 2017.
Boralex develops, builds and operates renewable energy power facilities in Canada, France and the United States. It maintains a leading position in the Canadian market and is France’s largest independent producer of onshore wind power. The Corporation is recognised for its solid experience in optimising its asset base in four power generation types — wind, hydroelectric, thermal and solar.