Boralex Inc. has secured project financing totaling C$81.4 million for the 24 MW Frampton community wind farm in Quebec.
Boralex says financing for the wind farm, located in the Frampton municipality in the Chaudiere-Appalaches region, consisted of the following: a C$73.5 million construction loan, to be converted into a term loan with a 19.5-year term after the beginning of commercial operations; and short-term credit facilities, including bridge financing and a letter of credit facility, totaling C$7.9 million, for purposes of financing certain costs incurred during construction that are reimbursable by Hydro-Quebec and issuing various letters of credit.
The Frampton wind farm is a community wind power project under a partnership between the Frampton Municipality (33.3%) and Boralex (66.7%). The projectÂ consists of 12 Enercon E-82 wind turbines and has a 20-year power purchase agreement with Hydro-Quebec.
Boralex says project construction is progressing according to the established budget and schedule, and commissioning of the wind farm is expected by December.
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.