Boralex Inc. has closed financing for four wind farms under construction in France for a total amount of €106 million (US$120 million).
These wind farms are namely Basse Thiérache Nord (20 MW), Catésis (10 MW), Seuil du Cambrésis (24 MW), as well as Cham Longe which is undergoing repowering to increase its capacity from 18 MW to 35 MW. These wind farms are part of Boralex’s development plan and will be commissioned in 2019 and 2020.
This financing is provided by Crédit Industriel et Commercial, Auxifip, Caisse Régionale de Crédit Agricole Mutuel Nord de France, CM-CIC Infra Debt Fund and BPI France Financement.
The additional financing is based on a debt/equity ratio of 80/20 and comprises four variable-rate tranches amortized over terms ranging from 15 to 20 years for a total amount of €106 million (US$120 million).
In addition to the long-term tranches totalling €106 million (US$120 million), the financing also includes short-term tranches for a total amount of €17.8 million (US$20 million) to meet temporary funding requirements related to French value-added tax. Lastly, the financing also includes a debt service reserve facility for a potential total amount of €5.3 million (US$6 million).
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