Wind power projects in Quebec close on financing

Boralex Inc., Gaz Métro Limited Partnership and Valener Inc. closed on a C$725 million ($715 million) non-recourse project financing for their 272 MW Seigneurie de Beaupé Wind Farms in Quebec. Gaz Métro and Valener indirectly own their interest in the projects through Beaupré Éole General Partnership.

The financing consists of a two-year, C$590 million ($581.9 million) construction loan that will convert into an 18-year amortizing loan after the start of commercial operations. The funds have also come from a bridge loan and a letter of credit facility, totaling C$135 million ($133.1 million) to finance certain costs reimbursable by Hydro-Quebec to be incurred during construction and to provide various letters of credit.

The lending club is comprised of KfW IPEX-Bank, Bank of Tokyo-Mitsubishi, Deutsche Bank, Sumitomo Mitsui Banking Corporation, Landesbank Baden- Württemberg, Mizuho Corporate Bank, Siemens Financial Services and Caisse de dépôt et placement du Québec.

The wind farms, which will use 126 Enercon wind turbines, are scheduled to be commissioned by December 2013 and have 20-year power purchase agreements with Hydro-Québec. Construction has already started on the site.

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