Canadian developer Boralex Inc. has closed on financing for the Plateau de Savernat and Avignonet II wind farms in France for a total amount of EUR 20.4 million. The company says the amount was financed by Credit Industriel et commercial.
According to Boralex, long-term financing for the 16 MW Plateau de Savernat wind farm totals nearly EUR 17.6 million, or 80% of the total investment. Drawdown on the facility is subject to certain customary conditions, which are expected to be lifted shortly.
Amortized over a 15-year period, the loan will bear interest at a rate of approximately 2.30% for the full term of the loan, 90% of which will be covered by a forward rate agreement.
Construction on the Plateau de Savernat wind farm has begun, and commissioning is slated for the end of 2016, according to the company.
Long-term financing for the 4.6 MW Avignonet II wind farm totals nearly EUR 2.8 million. The Avignonet II wind farm was commissioned in 2008 and had not been financed to date. Boralex says the proceeds will be used to invest in its projects under development and support its growth initiatives.
According to the company, this loan is amortized over a 9.5-year period, or the remaining term of the power purchase agreements in effect for the Avignonet II facility plus an additional two years, and will bear interest at a rate of approximately 1.72% for the full term of the loan, 90% of which will be covered by a forward rate agreement.