Boralex has already begun construction on three new wind farms in France, which are expected to be completed in 2017.
Quebec-based wind developer, Boralex Inc., announced the closing of financing for three new wind farms in France: the 24-MW Mont de Bagny, the 23.1-MW Artois, and the 10-MW Voie des Monts.
The total of all contracts is about €100 million (C$145 million), including €11.2 million in financing for value added tax receivable.
Construction has already begun on all three projects, and they are expected to be commissioned by the end of 2017. The only exception is for the Artois wind farm, where commissioning is slated for the end of the second quarter of 2017.
Financing is being provided by Crédit Industriel et Commercial and BPI France Financement. The agreement is based on a debt/equity ratio of 80% and consists of a 10-year, €52.4 million tranche at a fixed rate of 0.8% and a 15-year, €37.0 million tranche at a variable rate of about 2.5% over the entire loan term — 90% of which will be covered by an interest rate hedging contract.
The average interest rate over the 15-year period will be approximately 1.77%. Loan disbursement is subject to certain customary conditions, which should be fulfilled soon.
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