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Boralex closes financing of Euro20.4 million in France
Boralex closes financing of €20.4 million in France Boralex closes financin...
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[{"type":"text","content":"\n\n\n\nBoralex closes financing of €20.4 million in France\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBoralex closes financing of €20.4 million in France\nCanada NewsWire\nMONTRÉAL, June 23, 2016\n\n\n\nMONTRÉAL, June 23, 2016 /CNW Telbec/ - Boralex Inc. (\"Boralex\" or the \"Corporation\") (TSX: BLX) announced the closing of financing for the Plateau de Savernat and Avignonet II wind farms for a total amount of €20.4 million (C$29.7 million) in France. The amount is financed by Crédit Industriel et commercial (\"Groupe Crédit Mutuel\").\n\nPlateau de SavernatLong-term financing for the Plateau de Savernat wind farm (revised to 16 MW) amounts to nearly €17.6 million (C$25.6 million), or 80% of the total investment. Drawdown on the facility is subject to certain customary conditions which are expected to be lifted shortly.\n\nAmortized over a 15-year period, the loan will bear interest at a rate of approximately 2.30% for the full term of the loan, 90% of which will be covered by a forward rate agreement.\n\nConstruction on the Plateau de Savernat wind farm has begun and commissioning is slated for the end of 2016.\n\nAvignonet IILong-term financing for the Avignonet II wind farm (4.6 MW) amounts to nearly €2.8 million (C$4.1 million). The Avignonet II wind farm was commissioned in 2008 and had not been financed to date. The proceeds will be used to invest in its projects under development and support its growth initiatives. \n\nThe loan is amortized over a 9.5-year period, or the remaining term of the power purchase agreements in effect for the Avignonet II facility plus an additional period of two years, and will bear interest at a rate of approximately 1.72% for the full term of the loan, 90% of which will be covered by a forward rate agreement.\n\nAbout BoralexBoralex develops, builds and operates renewable energy power facilities in Canada, France and the United States. A leader in the Canadian market and France's largest independent producer of onshore wind powe...