Boralex closes financing for 16-MW hydropower project in Ontario

Canadian renewables developer Boralex Inc (TSE:BLX) said today it has closed CAD 74.3 million (USD 55.6m/EUR 53m) in financing for a small hydropower project in Ontario.

In particular, Canada Life Insurance Company, Great West Life Insurance Company and London Life Insurance Company have provided enough long-term financing to cover about 81% of the estimated total costs of the 16-MW Yellow Falls project on the Mattagami River near the town of Smooth Rock Falls.

Boralex has already started construction work on the project and expects to commission the facility at the end of next year’s second quarter. The plant has a 39-year power purchase agreement (PPA) with IESO.

The project is a collaboration with the Taykwa Tagamou Nation and the Mattagami First Nation. They have contractual rights to acquire an interest of up to 31.25% in the scheme.

(CAD 1.0 = USD 0.748/EUR 0.716)

Choose your newsletter by Renewables Now. Join for free!