Boralex Inc. ("Boralex"), Gaz Métro Limited Partnership ("Gaz Métro") and Valener Inc. ("Valener") announce the closing of a $166.1 million non-recourse financing for Phase II of the Seigneurie de Beaupré wind farms. The commissioning of this project, valued at approximately $200 million and with an installed capacity of 68 MW, is scheduled for late 2014.
"The financing of Phase II is an important step in the realization of the Seigneurie de Beaupré wind farms, which will ultimately be one of the largest wind power projects in Canada," said Patrick Lemaire, President and Chief Executive Officer of Boralex, and Sophie Brochu, President and Chief Executive Officer of Gaz Métro. They added that "the spinoffs from Phase II, estimated at $14 million, will add to the $117 million generated to date by Phase I of the project in the Capitale-Nationale region. "
The total amount of the financing is $166.1 million and consists of:
a $142.4 million construction loan, which will convert to a fixed-rate term loan and be amortized over 19.5 years after the start of commercial operations scheduled for December 2014, and
a short-term bridge loan and a letter of credit facility, totalling $23.7 million, to finance certain costs incurred during construction and reimbursable by Hydro-Québec and to issue various letters of credit.
With this financing and considering the investments and commitments by the partners Boralex, Gaz Métro and Valener, Phase II of the Seigneurie de Beaupré wind farms is fully financed.
The group of lenders is composed of Sun Life Financial, KfW IPEX-Bank and Industrial Alliance Insurance and Financial Services Inc.
Construction of Phase II, which will include 28 Enercon turbines, has already begun at the site and more than 200 workers are busy building all of the access roads, the turbine foundations and most of the electrical collection systems in 2013. In 2014, work will continue to complete the collector networks, assemble the towers and turbines, and install the electrical equipment for the substation in preparation for the commissioning scheduled for December 2014.
For more information, please visit the Seigneurie de Beaupré wind farm website at www.seigneuriedebeaupre.com