Boralex secures hydro cash
$74.3m will help to build the 16MW Yellow Falls project in Ontario
Boralex has secured $74.3m to help build the 16MW Yellow Falls hydro project in Ontario.
The financing has been provided by Canada Life Insurance, Great West Life Insurance and London Life Insurance and represents approximately 81% of estimated project costs.
It consists of a short-term tranche of $9.1m, which is fully-amortized over 10 years, and a long-term tranche of $65.2m, which will begin amortizing over 29 years after the repayment of the shorter tranche.
The project, which is located on the Mattagami River in Yellow Falls near the town of Smooth Rock Falls, is being developed by Boralex together with the Taykwa Tagamou Nation and the Mattagami First Nation.
Construction is underway, with commissioning planned for the end of the second quarter of 2017, Boralex said.
The plant has a 39-year power purchase agreement with IESO.
Image: CNW Group/Boralex