Boralex, a power producer company headquartered in Canada, has secured funds of about C$55.3m ($53.14m) for the 22MW Jamie Creek hydroelectric power station located near Gold Bridge, British Columbia.

The credit facility, representing nearly 85% of estimated project costs, was provided by Canada Life Assurance Company and Great West Life Assurance Company.

The loan has a nine-year grace period for repayment of principal and will be amortized thereafter over a 31-year period at a rate of 5.42% for the full term of the loan, the company said.

Boralex, meanwhile, has secured additional facility of C$19m ($18.26m) from German bank SAAR LB to finance the construction of 8MW Vron wind farm.

Commenting on the developments, Boralex president and CEO Patrick Lemaire said, "The closing of these two financing arrangements is further recognition of the quality of the projects we develop and the capital market’s trust in Boralex to successfully complete the construction of both hydroelectric and wind power assets."

Having commenced construction of the Jamie Creek project, the company has scheduled commissioning for the first quarter of 2014.