Canada: Boralex completes financing of the Côte-de-Beaupré project in Québec

Boralex Inc. announces the closing of a project financing totalling $64.4 million for the Côte-de-Beaupré community wind farm in partnership with the Côte-de-Beaupré Regional County Municipality.

Financing for the 23.5MW wind farm consisted of:

• a C$54.8 million construction loan, to be converted into a term loan with an 19.5-year term after the beginning of commercial operations; and
• short-term credit facilities, including bridge financing and a letter of credit facility, totalling C$9.6 million, for purposes of financing certain costs incurred during construction that are reimbursable by Hydro-Québec and issuing various letters of credit.

The Côte-de-Beaupré wind farm, covered by a 20-year power purchase agreement with Hydro-Québec, is a community wind power project under a partnership between the Côte-de-Beaupré RCM (49%) and Boralex (51%). Ten Enercon E-92 wind turbines are being installed on the private lands of the Seigneurie de Beaupré and commissioning is expected in December 2015.

The Côte-de-Beaupré RCM prefect, M. Jean-Luc Fortin, reminds that “the profits generated by this project will be directed to a regional development fund that will allow elected officials to invest in projects benefiting the region. The RCM thanks its partners Boralex and the Séminaire de Québec for carrying out this project which will be used as an economic lever for the next 20 years.”

The financing agreement was contracted with National Bank of Canada as lead arranger and sole bookrunner. Along with the investments and the commitments undertaken by Boralex and its partner, the project is fully financed.