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Boralex secures €136M financing for French wind projects

Boralex Inc. on Feb. 28 announced that it has closed approximately €136 million of financing for five wind projects in France.

Construction on each of the projects either is ongoing or will begin in the next few months. The projects are the 33-MW Inter Deux Bos, 26-MW Côteaux du Blaiseron, 10-MW Le Pelon, 20-MW Hauts de Comble and 23-MW Sources de l'Ancre.

The financing is based on a debt/equity ratio of 80/20 and consists of a 15-year, €108.8 million fixed-rate tranche and a 15-year, €27.2 million variable-rate tranche.

In order to meet temporary funding requirements related to French value-added tax, the financing also includes short-term tranches for a total amount of €20.4 million.

Crédit Industriel et Commercial, Auxifip, Caisse Régionale de Crédit Agricole Mutuel Nord de France and BPI France Financement provided the financing.

The projects are expected to commission from the end of 2018 through 2019.