Quebec-based Boralex Inc. has closed financing totaling EUR 100 million (C$145 million) for three wind projects in France.
The financing, provided by Credit Industriel et Commercial (Groupe Credit Mutuel) and BPI France Financement, is for the Mont de Bagny (24 MW), Artois (23.1 MW) and Voie des Monts (10 MW) wind farms.
The financing is based on a debt/equity ratio of 80% and consists of a 10-year, EUR 52.4 million tranche at a fixed rate of 0.8% and a 15-year, EUR 37.0 million tranche at a variable rate of about 2.5% over the entire loan term – 90% of which will be covered by an interest rate hedging contract. The average interest rate over the 15-year period will be approximately 1.77%.
Loan disbursement is subject to certain customary conditions, which should be fulfilled soon, says Boralex, which develops, builds and operates renewable energy facilities in Canada, France and the U.S.
Construction has already begun on all the projects, which are expected to be commissioned by the end of 2017, except for the Artois wind farm, whose commissioning is slated for the end of the second quarter of 2017.