TÉMISCOUATA-SUR-LE-LAC, QC, June 26, 2014 /CNW Telbec/ - Boralex Inc.
("Boralex") and Témiscouata Regional County Municipality ("RCM") have
closed a $64.1 million financing for the Témiscouata I wind farm. At
the same time, Boralex has closed a $142.7 million financing for
Témiscouata II wind farm.
"Completion of financing for the two Témiscouata wind farms is an
important step in the development of these projects. Along with the
RCM, Boralex has managed to successfully implement itself in this
beautiful Quebec region through projects of high quality" said Boralex
President and CEO Patrick Lemaire.
"After several years of work, we are pleased with the recent agreements
that have allowed us to make sure to get our community project
performing equipment at a competitive price in addition to a maximum
benefit for our community" added Témiscouata RCM Warden Guylaine
Sirois.
Given the above financing arrangements and investments and commitments
totalling $12.6 million for the Témiscouata I, consisting of $6.2
million for the RCM and $6.4 million for a Boralex subsidiary, and
$30.2 million for the Témiscouata II wind farm wholly owned by Boralex,
the two wind farms have been fully financed.
The sole lender in each of the two financing arrangements is KfW
IPEX-Bank.
Témiscouata I financing (Témiscouata RCM and Boralex)
Financing for the Témiscouata I community wind farm, with almost 25 MW
installed capacity, totalled C$64.1 million and consisted of:
-
A C$52 million construction loan, to be converted into a term loan with
an 18-year term after the beginning of commercial operations; and
-
Short-term credit facilities, including bridge financing and a letter of
credit facility, totalling C$12.1 million, for purposes of financing
certain costs incurred during construction that are repayable by
Hydro-Québec and issuing various letters of credit.
Témiscouata I is a community wind power project under a partnership
between Témiscouata RCM and Boralex consisting of 10 Enercon wind
turbines, which is covered by a 20-year power purchase agreement with
Hydro-Québec. The wind farm is slated for commissioning in December
2014.
Témiscouata II financing (Boralex)
Financing for the Témiscouata II community wind farm, with an
approximate 50 MW installed capacity, totalled C$142.7 million and
consisted of:
-
A C$127 million construction loan, to be converted into a term loan with
an 18-year term after the beginning of commercial operations; and
-
Short-term credit facilities, including bridge financing and a letter of
credit facility, totalling C$15.7 million, for purposes of financing
certain costs incurred during construction that are repayable by
Hydro-Québec and issuing various letters of credit.
Commissioning of Témiscouata II, a Boralex project also consisting of 22
Enercon turbines, is anticipated by December 2015.
Work on the Témiscouata I and II wind farms
Construction of the two wind farms, Témiscouata I and II, is already
underway onsite. Work at Témiscouata I is on schedule with 7
foundations poured to date and 80% of the access roads built. For
Temiscouata II, 30% of the access roads and 50% of the work areas for
installing the wind turbines are completed.Nearly 200 workers are
expected onsite this year.
About the Témiscouata wind farms
The Témiscouata wind farms, with a total contracted capacity of 75 MW,
consist of the 23.5 MW Témiscouata community wind farm (Témiscouata I),
a partnership project between Témiscouata RCM and Boralex, to be
commissioned in December 2014, and the 51.7 MW Témiscouata II wind
power project, to be commissioned in late 2015.
About the Témiscouata RCM
The Témiscouata regional county municipality is an organization that
oversees land development, town planning, environmental protection, and
regional, cultural, social and community development. Chaired by an
elected reeve, the RCM council is composed of the mayors of the 19
municipalities in its territory. Through political action, the RCM
provides leadership on behalf of its citizens. In addition to
addressing the physical organization of its territory, the RCM is
involved in a number of regional development issues that have a direct
impact on the well-being and quality of life of its communities.
About Boralex
Boralex is a power producer whose core business is dedicated to the
development and the operation of renewable energy power stations.
Currently, the Corporation operates an asset base with an installed
capacity of more than 650 MW in Canada, France and the Northeastern
United States. Boralex is also committed under power development
projects, both independently and with Canadian and European partners,
to add approximately 250 MW of power that will be put in service by the
end of 2015. With more than 200 employees, Boralex is known for its
diversified expertise and in-depth experience in four power generation
types — wind, hydroelectric, thermal and solar. Boralex's shares and
convertible debentures are listed on the Toronto Stock Exchange under
the ticker symbols BLX and BLX.DB, respectively. More information is
available at www.boralex.com or www.sedar.com.
Caution regarding forward-looking statements
Some of the statements contained in this press release, including those
regarding future results and performance, are forward-looking
statements based on current expectations, within the meaning of
securities legislation. Boralex would like to point out that, by their
very nature, forward-looking statements involve risks and uncertainties
such that its results or the measures it adopts could differ materially
from those indicated by or underlying these statements, or could have
an impact on the degree of realization of a particular projection. The
main factors that could lead to a material difference between the
Corporation's actual results and the projections or expectations set
forth in the forward-looking statements include, but are not limited
to, the general impact of economic conditions, raw material price
increases and availability, currency fluctuations, volatility in the
selling price of electricity, the Corporation's financing capacity,
negative changes in general market conditions and regulations affecting
the industry, as well as other factors discussed in the Corporation's
filings with the various securities commissions.
There can be no assurance as to the materialization of the results,
performance or achievements as expressed or implied by forward-looking
statements. The reader is cautioned not to place undue reliance on such
forward-looking statements. Unless required to do so under applicable
securities legislation, Boralex management does not assume any
obligation to update or revise forward-looking statements to reflect
new information, future events or other changes.
SOURCE Boralex Inc.
