Boralex Inc. has completed the approximately CAD805 million (US$602.85 million) refinancing over 16 years for its 230 MW Niagara Region Wind Farm (NRWF) in the Niagara Peninsula, Ontario, Canada. NRWF was commissioned on November 2, 2016 and is held in partnership with the Six Nations of the Grand River Indigenous community. Boralex operates the site and has a 50% stake in the farm.
Taking advantage of the very good market conditions, Boralex has reduced the borrowing rate for NRWF.
Boralex was supported in this transaction by a group of seven banks. They are, in order of their respective participations in the total refinancing amount: KFW-Ipex Bank, CaixaBank, Fédération des Caisses Desjardins du Québec, Société Générale, Sumitomo Mitsui Trust Bank, Associated Bank and Crédit Industriel et Commercial (CIC). Plan A Capital Inc. was the financial advisor of the transactions.
Bruno Guilmette, Vice President and Chief Financial Officer of Boralex, said: “The Banks and our Financial Advisor were outstanding partners and I’d like to thank them for handling the refinancing in a period when financial markets were highly uncertain and volatile due to COVID-19. The success of this transaction speaks to the commitment and confidence that financial institutions have in the renewable energy sector, which will be very important in making this sector a pillar in the economic recovery plans of governments around the world.”
