Boralex secures USD 194m for 75-MW Canadian wind scheme

Jun 27, 2014 - Canadian renewables developer Boralex Inc (TSE:BLX) said yesterday it had obtained a total of CAD 206.8 million (USD 194m/EUR 142m) in financing for a 75-MW wind project in Quebec.

More specifically, Boralex and the Temiscouata Regional County Municipality have closed a CAD-64.1-million funding for the 23.5-MW Temiscouata I community wind farm, while the company secured a further CAD 142.7 million on its own for the second project stage of 51.7 MW. KfW IPEX-Bank was the sole lender in both transactions.

The two wind farms, both to use Enercon turbines, are now fully-financed when taking into consideration previous investments and commitments totalling almost CAD 43 million.

Construction Hamel is responsible for building the 10-turbine phase I, which is developed under a partnership between the municipality and Boralex. Temiscouata I will sell its generated electricity to Hydro-Quebec under a 20-year power purchase agreement (PPA). Its commissioning is expected to occur in December 2014.

The phase II, which will use 22 turbines, is wholly-owned by Boralex. It is expected to be commissioned in December 2015.

(CAD 1.0 = USD 0.936/EUR 0.687)

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