Boralex seals financing for 30MW
Agreements clinched for Canadian hydro scheme and French wind farm
Developer Boralex has closed financing for renewables projects in Canada and France totalling 30MW.
The $55.3m long-term financing of the 22MW Jamie Creek hydroelectric power station near Gold Bridge, British Columbia, has been provided by Canada Life Assurance Company and Great West Life Assurance Company.
Construction is underway at the site with commissioning planned for the first quarter of 2014. The financing represents approximately 85% of the estimated project costs.
In France, the $19m long-term financing for the 8MW Vron wind farm comes from German bank SAAR LB. It represents approximately 82% of the total project costs, “excluding certain short-term advances related to the payment of sales taxes”, Boralex said.
The power generated at Vron will be sold to Électricité de France under a 15-year contract. Commissioning is slated for September.
Boralex president Patrick Lemaire (pictured) said: "The closing of these two financing arrangements is further recognition of the quality of the projects we develop and the capital market's trust in Boralex to successfully complete the construction of both hydroelectric and wind power assets."
Image: The Press