Boralex closes Port Ryerse cash
Finance of $33.4m secured for 10MW project in Ontario
Boralex has closed financing of $33.4m for the 10MW Port Ryerse wind farm in Ontario in Canada.
The finance for the project, which is located on privately-owned lands east of the hamlet of Port Ryerse in Norfolk County, is provided by the New York branch of the DZ Bank Deutsche Zentral-Genossenschaftsbank.
The financing consists of a $2m letter of credit facility and a long-term tranche of $31.4m, which will be amortised over a period of 18 years starting on 9 December 2016 – the date the project started commercial operations.
The project has a 20-year power purchase agreement with Ontario’s Independent Electricity System Operator.