Boralex has closed project financing totaling C$64.4 million for the 23.5 MW Cote-de-Beaupre community wind farm in Quebec.
According to the developer, the financing consisted of a C$54.8 million construction loan, to be converted into a term loan with a 19.5-year term after the beginning of commercial operation.
The financing package also included short-term credit facilities, including bridge financing and a letter of credit facility, totaling C$9.6 million for purposes of financing certain costs incurred during construction.
The Cote-de-Beaupre wind farm, a partnership between the developer and the Cote-de-Beaupre regional county municipality, is covered by a 20-year power purchase agreement with Hydro-Quebec.
According to Boralex, 10 Enercon E-92 wind turbines are being installed on the private lands, and commissioning is expected to begin at the end of the year.
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.