February 19 (Renewables Now) - Canadian renewables developer Boralex Inc (TSE:BLX) today said it has closed long- and short-term financing to back 54 MW of under-construction wind farms and a wind repowering project in France.
The debt covers the 20-MW Basse Thierache Nord, 10-MW Catesis and 24-MW Seuil du Cambresis wind projects and the repowering of the Cham Longe wind farm, whose capacity will be lifted to 35 MW from 18 MW. The plants are expected to be commissioned in 2019 and 2020.
Extended by Credit Industriel et Commercial, Auxifip, Caisse Regionale de Credit Agricole Mutuel Nord de France, CM-CIC Infra Debt Fund and BPI France Financement, the funding consist of long-term tranches totalling EUR 106 million (USD 119.7m) and an additional EUR 17.8 million in short-term debt for temporary needs related to French value-added tax. The financing package also includes a debt service reserve facility for EUR 5.3 million.
Boralex noted that the EUR-106-million financing is based on a debt/equity ratio of 80/20, with the separate tranches maturing in between 15 and 20 years.
(EUR 1.0 = USD 1.129)