Boralex funds Temiscouata projects

Boralex and the Temiscouata Regional County Municipality have closed C$64.1m ($60.09m) financing for the Temiscouata I wind farm in Quebec, while Boralex has also obtained C$142.7m to develop the Temiscouata II project.

KfW IPEX-Bank, Germany’s state development bank, provided the financing for both community wind projects.

Temiscouata I with 23.5MW nameplate capacity, is a partnership between Temiscouata RCM and Boralex. It will utilize 10 Enercon wind turbines. Hydro-Quebec will purchase all the electricity under a 20-year contract. Commissioning is scheduled in December.

Project financing consists of a C$52m construction loan that will convert into a term loan with an 18-year term after the beginning of commercial operations.

Short-term credit facilities, including bridge financing and a letter of credit facility, total C$12.1m, for purposes of financing certain costs incurred during construction that are repayable by Hydro-Québec and issuing various letters of credit.

Financing for the 51.7MW Témiscouata II includes a C$127m construction loan that will convert into a term loan with an 18-year term after the beginning of commercial operations.

Short-term credit facilities including bridge financing and a letter of credit facility total C$15.7m. This will be used for purposes of financing certain costs incurred during construction that are repayable by Hydro-Québec and issuing various letters of credit.

Hydro-Quebec will buy the power when the project enters commercial operation in fourth quarter 2015. It will utilize 22 Enercon turbines.

Boralex is based in Quebec.

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