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.

Read more financial news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...