Boralex nabs financing for 22-MW HPP, 8-MW wind farm
Aug 6, 2013 - Canadian renewable projects developer Boralex Inc (TSE:BLX) said today it had closed financing for its 22-MW Jamie Creek hydropower project in Canada and the 8-MW Vron wind scheme in France.
The company obtained USD 55.3 million (EUR 41.6m) in the form of a loan from Canada Life Assurance Co and Great West Life Assurance Co for the hydropower plant (HPP) which is already under construction in British Columbia. The financing will be enough to cover 85% of the project costs. The loan, which has a nine-year grace period, will be amortised thereafter over 31 years at a rate of 5.42% for the full term.
The Jamie Creek HPP is to be commissioned in the first three months of 2014.
As for the wind farm, German lender Landesbank Saar (SaarLB) will extend a EUR-14-million (USD 18.6m) 15-year loan bearing an interest rate of some 4%. The amount will be enough to cover nearly 82% of the Vron project costs, Boralex calculates.
The Vron wind farm is to be commissioned next month.