Boralex closes financing for two wind farms

Boralex Inc. and Témiscouata Regional County Municipality (RCM) have closed a CAD$64.1 million financing for the 25MW Témiscouata I wind farm and a CAD$142.7 million financing for 50MW Témiscouata II wind farm both of them in Quebec, Canada.

The two wind farms have been fully financed. The sole lender in each of the two financing arrangements is KfW IPEX-Bank.

Patrick Lemaire, Boralex President and CEO, stated:

Completion of financing for the two Témiscouata wind farms is an important step in the development of these projects. Along with the RCM, Boralex has managed to successfully implement itself in this beautiful Quebec region through projects of high quality.

Témiscouata I is a community wind power project under a partnership between Témiscouata RCM and Boralex consisting of 10 Enercon wind turbines, which is covered by a 20-year power purchase agreement with Hydro-Québec. The wind farm is slated for commissioning in December 2014.

Commissioning of Témiscouata II, a Boralex project consisting of 22 Enercon turbines, is anticipated by December 2015.

Construction of the two wind farms, Témiscouata I and II, is already underway onsite. Work at Témiscouata I is on schedule with 7 foundations poured to date and 80% of the access roads built. For Temiscouata II, 30% of the access roads and 50% of the work areas for installing the wind turbines are completed.