Canadian company Boralex Inc. has entered into a long-term financing agreement for the Fortel-Boonieres and Saint Francois wind power farms under development in France. Boralex is a company engaged in the development of renewable energy power stations around the world. It currently has a combined capacity of more than 650 MW distributed between its facilities located in Canada, France and the U.S.
The financing agreement provides the wind farms with nearly C$99 million in funding and is 82 percent of the total investment in the projects. The funding is an amortized loan over a 15-year period with an interest rate of approximately 3.7 percent, and it should be distributed by the end of April.
The purpose of the project is to build wind power facilities with a total capacity of 46 megawatts and 16 General Electric (NYSE: GE) 2.85 MW turbines. The turbines and facilities are already under construction at both sites. The facilities should be operational by the end of 2014 with a capacity of 23 MW and the remaining 23 MW ready by the beginning of 2015.