Boralex Inc., Gaz Metro LP and Valener Inc. have announced completion of a non-recourse financing totaling C$166.1 million for Phase II of the Seigneurie de Beaupre Wind Farms, located in Quebec. The project partners say Phase II is now fully funded.
The second phase, valued at approximately C$200 million, will comprise 28 Enercon turbines and have an installed capacity of 68 MW. Construction is under way, and commissioning is scheduled for late 2014. Overall, the companies say the Seigneurie de Beaupre Wind Farms will have a total contracted capacity of 365 MW. The first phase of 272 MW is expected to start up by year-end.
According to the companies, the total financing consists of a C$142.4 million construction loan, to be converted into a fixed-rate term loan amortized over a 19.5-year term after the beginning of commercial operations; and a short-term bridge financing and a letter of credit facility, totaling C$23.7 million, for purposes of financing certain costs incurred during construction that are reimbursable by Hydro-Quebec and issuing various letters of credit.
The group of lenders consists of Sun Life Financial, KfW IPEX-Bank and Industrial Alliance Insurance and Financial Services Inc.