Boralex completes $805 million refinancing for Niagara Region Wind Farm

By Taylor Fox

New York, Aug. 7 – Boralex Inc. has completed the approximately $805 million refinancing over 16 years for its 230 MW Niagara Region Wind Farm in the Niagara Peninsula, Ontario, Canada, according to a news release.

The wind farm was commissioned on Nov. 2, 2016 and is held in partnership with the Six Nations of the Grand River Indigenous community.

"These refinancings, totaling $2.7 billion, were arranged at very good conditions and have greatly improved Boralex's financial flexibility, reducing its corporate credit facility by over $260 million and generating total annual recurring savings of $22 million,” said Boralex president and chief executive officer Patrick Lemaire.

Boralex successfully reduced the borrowing rate for the wind farm and also freed up approximately $65 million to $70 million, which will be used to reduce its corporate credit facility. The combined impact of the lower borrowing rate and related expenses, plus the lower interest expense on the corporate credit facility, will result in annual recurring savings of more than $5 million in interest expense.

Boralex operates the site and has a 50% stake in the farm.

Seven banks supported this transaction including KFW-Ipex Bank, CaixaBank, Federation des Caisses Desjardins du Quebec, Societe Generale, Sumitomo Mitsui Trust Bank, Associated Bank and Credit Industriel et Commercial. Plan A Capital Inc. was also involved in the transaction.

Based in Kingsey Falls, Quebec, Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States.

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