Boralex, Gaz Metro Limited Partnership and Valener have closed a C$725 million nonrecourse project financing for their 272 MW Seigneurie de Beaupe wind farm, located northeast of Quebec City, Boralex has announced.
The wind farm, which features 126 Enercon wind turbines, is scheduled to be commissioned by December 2013 and have a 20-year power purchase agreement with Hydro-Quebec. Construction has already started on the site. To date, 41 foundations have been poured, and 80% of the access roads have been built.
According to the companies, the financing package consists of a C$590 million, two-year construction loan that will convert into an 18-year amortizing loan after the start of commercial operation. The deal also includes a bridge loan and a letter of credit, totaling C$135 million, to finance certain costs reimbursable by Hydro-Quebec to be incurred during construction and to provide various letters of credit.
A portion of C$260 million of the financing is covered by a guarantee offered to the lenders by the Federal Republic of Germany through its Export Credit Agency Euler-Hermes. With this financing, and given the investments and the commitments of C$153 million by partners Boralex, Gaz MÃ©tro and Valener, the first phase of the Seigneurie de Beaupre Wind Farm is fully funded.
Lenders that participated in the club financing deal included KfW IPEX-Bank, Bank of Tokyo-Mitsubishi, Deutsche Bank, Sumitomo Mitsui Banking Corp., Landesbank Baden-Wurttemberg, Mizuho Corporate Bank, Siemens Financial Services and Caisse de depot et placement du Quebec.