November 27 (Renewables Now) - Canadian renewables developer Boralex Inc (TSE:BLX) has secured CAD 53.3 million (USD 42m/EUR 35.2m) in funds for its 15-MW Moose Lake wind farm in British Columbia, thus reaching financial close on the project.
The long-term financing was provided by Germany’s KfW IPEX-Bank GmbH, Boralex said on Friday. The package consists of a CAD-2-million letter of credit facility and a long-term tranche of CAD 51.3 million with an interest rate of 4.9%. The developer explained it will fully amortize the long-term tranche of the funds over a 25-year period starting on the plant’s commercial operation date, scheduled for the second half of next year.
To be located on Crown land near Tumbler Ridge, the Moose Lake wind farm will consist of four turbines. Following completion, their output will be sold under a 40-year power purchase agreement (PPA) with utility BC Hydro.
The project has been developed by Boralex and Aeolis Wind Power Corp under BC Hydro's standing offer programme. Boralex and Aeolis own 70% and 30% stakes, respectively.
(CAD 1.0 = USD 0.787/EUR 0.660)