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Boralex secures $89m financing for French wind farms

CTBR Staff Writer Published 01 February 2016

Renewable energy firm Boralex has closed financing of €63m ($89m) for two wind farms in France.

Crédit Industriel et commercial in collaboration with Desjardins provided the funding.

Of the total amount, around $59.5m will be provided in long term refinancing for the 34.5MW St-Patrick wind farm, which was commissioned between July 2009 and February 2010.

Boralex will use the financing to repay the balance of the loan currently in place for the St-Patrick facility, which is $39.9m. It will mean that the company will be able to reinvest about €10.5m equity in its projects under development and support its growth initiatives.

The St-Patrick wind farm is equipped with 15 units of SWT-2.3-93 turbine model from Siemens.

The clean electricity generated at the facility is being sold to Électricité de France, under a 15-year power purchase agreement. It will be enough to power nearly 12,795 homes and reduce 5,691 tons of CO2 emissions every year.

The remaining $28.9m of the funding will be offered as long-term financing for Touvent wind farms with a total installed capacity of around 13.8MW.

Construction on the Touvent wind farms has started, with plans to commission the facilities in the second quarter of this year.

The 12MW Plateau de Savernat and 4.6MW Avignonet II wind farms will also receive financing from Crédit Industriel et commercial in collaboration with Desjardins, amounting to nearly $24.4m for both the facilities.

The del will be subject to completion of the financial documentation and several customary drawdown conditions.