Boralex closes EUR-100m financing for wind projects in France

Canadian renewables developer Boralex Inc (TSE:BLX) said on Tuesday it has closed roughly EUR 100 million (USD 109m) in financing for three wind projects in France.

The above-mentioned sum includes EUR 11.2 million in financing for value added tax receivable.

The newly-secured funds are for the 24-MW Mont de Bagny, 23.1-MW Artois and 10-MW Voie des Monts wind projects. All three of them have now entered the construction phase, with the Artois wind farm seen to enter into service at the end of next year’s second quarter, while the others are expected to be completed by the end of 2017.

Credit Industriel et Commercial and BPI France Financement provided the financing, which consists of a 10-year, EUR-52.4-million tranche at a fixed rate of 0.8% and a 15-year, EUR-37-million tranche at a variable rate of about 2.5% over the entire loan term. The average interest rate over the whole period will be approximately 1.77%.

(EUR 1.0 = USD 1.090)

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