Boralex Inc. has closed C$200 million in financing from Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ under a 10-year, unsecured subordinated loan due March 29, 2028.
La Caisse, through its subsidiary CDPQ Revenu Fixe Inc., invested C$170 million, and Fonds de solidarité FTQ financed C$30 million. The companies also have the option to increase their investment to C$300 million, given certain conditions, according to a March 29 news release.
The subordinated loan will bear a competitive market rate interest payable semiannually.
"After acquiring a significant stake in Boralex last summer, this financing represents an additional opportunity to support the company's growth in Québec and internationally," said la Caisse Executive Vice-President of Fixed Income Marc Cormier.
Additionally, Boralex has extended the maturity and enhanced the flexibility of its C$460 million revolving credit facility to April 27, 2022, according to a separate March 29 release.