Boralex closes €136 million of financing in France

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

Given the interest rate swaps and current drawdowns, the combined average rate for the two tranches is approximately 2.6%. In addition to the long-term tranches, the financing also includes short-term tranches for a total amount of €20.4 million (C$31.8 million) to meet temporary funding requirements related to French value-added tax.

For the Hauts de Comble and Côteaux du Blaiseron projects, debt drawdowns are subject to certain customary conditions, which are expected to be lifted in the coming weeks.

Lastly, construction on each of the projects is either underway or beginning in the coming months, with commissioning scheduled from the end of 2018 through 2019.