Canadian renewable energy developer and operator Boralex announced the closing of financing for the Touvent wind farms and refinancing for the St-Patrick wind farm for a total amount of €63 million ($89 million) in France. The amount is financed by Crédit Industriel et commercial ("Groupe Crédit Mutuel") in collaboration with Desjardins.
Long-term financing for the 13.8MW Touvent wind farms amounts to nearly €20.6 million ($28.9 million), or 85% 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 2.50% for the full term of the loan, 90% of which will be covered by a forward rate agreement. Construction on the Touvent wind farms has begun and commissioning is slated for the second quarter of 2016.
Long-term refinancing for the 34.5MW St-Patrick wind farm amounts to nearly €42.4 million ($59.5 million). The St-Patrick wind farm was commissioned between July 2009 and February 2010, and the refinancing will be used in part to repay the balance of the loan currently in place for the St-Patrick facility, which is €28.4 million ($39.9 million). As a result, Boralex will be in a position to reinvest some €10.5 million (net of unwinding costs and other fees) in new equity in its projects under development and support its growth initiatives.
The loan is amortized over a 12-year period, or the remaining term of the power purchase agreements in effect for the St-Patrick facility plus an additional period of three years, and will bear interest at a rate of approximately 2.40% for the full term of the loan, 90% of which will be covered by a forward rate agreement.
Plateau de Sarvernat and Avignonet II
Subject to completion of the financial documentation and certain customary drawdown conditions, the 12MW Plateau de Savernat and 4.6MW Avignonet II wind farms will also receive financing from Crédit Industriel et commercial (Groupe Crédit Mutuel) in collaboration with Desjardins, amounting to nearly €17.4 million ($24.4 million) for the two facilities.