Toronto Stock Exchange-quoted Boralex Inc., an electricity producer whose core business is the development and operation of power stations that generate renewable energy, secured financing with BNP Paribas for the acquisition of a new wind farm in France announced earlier on July 16, 2009.
The financing amounts to C$20.3 million (€12.8m) representing more than 80% of the total investment (C$25.1m, approximately €15.9m). It provides Boralex with access to funds for a 15-year period, at an average interest rate of about 5%.
This 9.2 MW wind farm located in the department of the Somme nearby sites already operated by Boralex will have four Enercon E82 wind turbines, each with a capacity of 2.3 MW. Start-up is scheduled for the second quarter of 2010. All of the power produced will be sold to Electricite de France under 15-year contracts.
Commenting on the deals, Patrick Lemaire, President and Chief Executive Officer of Boralex, Inc., said: “This acquisition and the arrangement of financing clearly demonstrates our ability to take advantage of current market opportunities and obtain the funds required to develop interesting projects”.
Toronto Stock Exchange-quoted Boralex employs over 300 people and operates 22 power stations with a total installed capacity of 365 MW in Canada, in the Northeastern United States and in France. In addition, it has more than 300 MW of power projects under development.