Ontario’s Port Ryerse wind farm created about 50 jobs during construction. It will supply electricity to nearly 1,965 people every year during its operation.
Boralex Inc. announced the closing of a $33.4 million financing for the Port Ryerse wind farm in Ontario, Canada.
The 10-MW project was commissioned in December 2016. It is located on privately owned lands east of the hamlet of Port Ryerse in Norfolk County, and consists of four Siemens SWT 3.0 113 wind turbines.
Long-term financing of the Port Ryerse wind farm is provided by the DZ Bank AG Deutsche Zentral-Genossenschaftsbank (New York Branch). Financing consists of a $2.0 million letter of credit facility and a long-term tranche of $31.4 million.
The latter will be amortized over a period of 18 years beginning December 9, 2016.
On February 7, 2017, Boralex acquired all of the units of UDI Renewables Corporation, representing 25 % of Port Ryerse Wind Farm Limited Partnership, making Boralex the sole project holder.
The project is also covered by a 20-year power purchase agreement with Ontario’s Independent Electricity System Operator (IESO).
Filed Under: Financing, News, Projects
