Boralex refinances debt of 230-MW Niagara wind farm

Canadian renewables developer Boralex Inc (TSE:BLX) has a finalised a CAD-805-million (USD 601.4m/EUR 510.3m) refinancing deal for its 230-MW Niagara Region wind farm in Ontario province.

The 77-turbine wind park, equipped with Enercon hardware, is located in Niagara Peninsula and has been operational since 2016. Apart from being its operator, Boralex owns the complex together with the Six Nations of the Grand River Indigenous community, holding a 50% stake.

The 16-year refinancing was supported by a group of seven banks, the Canadian developer said on Friday. The consortium included KFW-Ipex Bank, CaixaBank, Federation des Caisses Desjardins du Quebec, Societe Generale, Sumitomo Mitsui Trust Bank, Associated Bank and Credit Industriel et Commercial (CIC).

The refinancing, together with two other deals of this kind worth a combined CAD 2.7 billion, have lowered Boralex’s corporate credit facility by over CAD 260 million, bringing annual recurring savings of CAD 22 million, pointed out president and CEO Patrick Lemaire.

Boralex bought the 230-MW Niagara Region from Enercon Canada back in 2017, paying CAD 232.4 million in cash. The power plant operates under a feed-in tariff (FiT) contract.

(CAD 1.0 = USD 0.747/EUR 0.634)

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