Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) announced the closing of a $33.4 million financing for the Port Ryerse wind farm in Ontario, Canada.
Long-term financing of the 10 MW Port Ryerse wind farm, located on privately-owned lands east of the hamlet of Port Ryerse in Norfolk County, Ontario, is provided by the DZ Bank AG Deutsche Zentral-Genossenschaftsbank (New York Branch). The financing consists of a $2.0 million letter of credit facility and a long-term tranche of $31.4 million. The latter will be amortized over a period of 18 years beginning December 9, 2016, the date of the project’s commercial operation.
On February 7, 2017, Boralex acquired all of the units of UDI Renewables Corporation, representing 25 % of Port Ryerse Wind Farm Limited Partnership, making Boralex the sole project holder.
Note that the project is covered by a 20-year power purchase agreement with Ontario’s Independent Electricity System Operator (IESO).