Boralex Inc. has closed an agreement to refinance over US$200 million for Le Plateau I wind farm (139 MW), for which Boralex and Caisse de dépôt et placement du Québec (“CDPQ”) respectively hold a 51% and 49% stake. The wind farm is located in the Gaspé region of Québec.
The new credit agreement will mature in March 2032, the same end date as the power purchase agreement with Hydro-Québec. The prior agreement matured in 2022.
Taking advantage of the very good market conditions, with this financing arrangement Boralex has reduced its average interest rate for this operating asset by 350 basis points, from 6.90% to 3.40%.
The refinancing will also free up financial resources of a total of US$30 million. Boralex’s 51% share of this amount will be about US$15 million and will be used to reduce the Corporation’s current corporate credit facility. The combined impact of the decrease in both the interest rate and the amount drawn on the corporate credit facility will reduce Boralex’s interest expense by nearly US$2 million annually on a combined basis.
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