Boralex obtains project financing for Port Ryerse wind farm
Written By: Stratton Report
February 22, 2017
On February 22, Boralex Inc. announced the closing of a $33.4 million financing for the Port Ryerse wind farm in Ontario, Canada, which has a 20-year PPA with Ontario’s Independent Electricity System Operator.
Per Boralex, long-term financing of the 10 MW Port Ryerse wind farm, located near Port Ryerse in Norfolk County, Ontario, was provided by the DZ Bank AG Deutsche Zentral-Genossenschaftsbank (New York Branch).
The firm stressed that the financing consisted 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.
Boralex emphasized that in February, it had acquired all of the units of UDI Renewables Corporation, representing 25 % of Port Ryerse Wind Farm Limited Partnership, making Boralex the sole project holder.