The total amount involved is $194.5m, about 76% of the total investment, including initial financing costs, interest payable during the construction period, working capital and contingencies. The loan will be amortized over 21 years at a rate of 7% for the entire period.
The Thames River site has nine wind farms of 10MW each. The first four farms in phase I have been operating since late January 2010. The five other farms are now being built and are slated to start up by December 2010. Each wind farm has five E-82 model Enercon turbines of 2MW.
The power produced by the wind farm will be sold to the Ontario Power Authority under the Advanced RESOP program.
Patrick Lemaire, president and CEO of Boralex, said: “Our first wind turbines in Canada started operating in December 2009 and January 2010. We hope to keep growing in the wind power sector in Canada.
“The fact that we have closed this financing deal demonstrates the skills of our team and the value of our projects. Also, with the start up of this additional 50MW, the percentage of Boralex’s installed capacity under long-term contracts will exceed 60% by the end of 2010.”
