Boralex Europe, a subsidiary of renewable energy projects developer Boralex, has signed a long-term financing agreement with KfW IPEX-Bank for the development of Fortel-Bonnières and Saint-François wind farms totaling 46MW in France.
As per the agreement, KfW IPEX-Bank will provide nearly CAD99m (€65m) loan, which is said to be a 82% of the total investment, for the projects.
Subject to certain customary conditions, the loan disbursement is expected to be fulfilled by the end of April 2014.
According to Boralex, the loan will be amortized over a 15-year period at a rate of about 3.7% for the full loan term.
Construction of the wind projects is in progress at both sites. The first 23MW project is expected to be commissioned at the end of 2014 while the second one of the same capacity in early 2015.