Canadian developer Boralex and utility Gaz Metro have closed a C$617.5m refinancing for the Seigneurie de Beaupre 2 and 3 wind farms in Quebec.
The lenders comprise Bank of Tokyo-Mitsubishi, KfW IPEX-Bank, Sumitomo Mitsui Banking Corporation, Mizuho Corporate Bank, AKA Bank, DZ Bank, Laurentian Bank of Canada, Commonwealth Bank of Australia and Credit Industriel et Commercial.
The refinancing consists of a C$383.4m uncovered tranche of the term loan expiring in December 2032, a C$192.7m covered tranche expiring in December 2029 and a C$41.4m letter of credit facility.
German export credit agency Euler-Hermes guaranteed the covered tranche, Boralex said.
The two wind farms, located northeast of Quebec City, have a combined capacity of 272MW and have been in operation since late 2013.
“We are pleased we were able to conclude the refinancing on such favourable terms,” said Boralex chief financial officer Jean François Thibodeau. “This reflects the vote of confidence the financial community has in our wind farms.”
Image: Boralex
