Montreal, Canada [RenewableEnergyWorld.com] Boralex Inc. has arranged financing with BNP Paribas for its new wind farm in France. The total investment amounts to CAN $25.1 million. Under the master credit agreement concluded in June 2007, about CAN $20.3 million is immediately available to finance the project.
The financing obtained represents more than 80% of the total investment and provides Boralex with access to funds for a 15-year period, at an average interest rate of about 5%.
This 9.2 MW wind farm located in the department of the Somme nearby sites already operated by Boralex will have four Enercon E82 wind turbines, each with a capacity of 2.3 MW. Start-up is scheduled for the second quarter of 2010. All of the power produced will be sold to Electricite de France under 15-year contracts.
“This acquisition and the arrangement of financing clearly demonstrates our ability to take advantage of current market opportunities and obtain the funds required to develop interesting projects,” said Patrick Lemaire, president and CEO of Boralex Inc.