MONTREAL, Sept. 8 /CNW Telbec/ - Boralex Inc. ("Boralex" or the
"Corporation") today announced that it has finalized bank financing through
BNP Paribas (Canada) for its Thames River wind farm in southern Ontario. All
conditions precedent have been met as of today. This financing, which is
non-recourse to Boralex, facilitates the construction and operation of four
wind farms that have a total installed capacity of 40 MW. Construction has
already begun and the first farm is expected to start up this fall. To date,
each project is on time and on budget.
The financing, repayable without penalty at Boralex's discretion, will be
amortized over a period of 19 years, although it has a term that ends on
September 4, 2014. The amount equals about 55% of the total cost of the four
projects. Benefiting from an interest rate swap, Boralex will receive a fixed
interest rate of about 6.4% for the duration of the loan.
In 2007, Boralex signed an agreement to acquire nine wind farms in the
Windsor area of Ontario, with a total capacity of 90 MW. The first four farms
were purchased in September 2008. "The fact that we were able to successfully
obtain this financing demonstrates once again the quality of the projects
Boralex develops, and will help increase the Corporation's financial
flexibility in the achievement of its strategic objectives in Canada and
abroad," says Jean-François Thibodeau, Vice-President and Chief Financial
Officer of Boralex.
Boralex is a major private electricity producer whose core business is
the development and operation of power stations that generate renewable
Employing over 300 people, the Corporation owns and operates 22 power
stations with a total installed capacity of 365 MW in Canada, in the
Northeastern United States and in France. In addition, the Corporation has
more than 300 MW of power projects under development. Boralex is distinguished
by its diversified expertise and in-depth experience in three power generation
segments - wind, hydroelectric and thermal. Boralex shares are listed on the
Toronto Stock Exchange under the ticker symbol BLX.
Boralex also holds a 23% interest in Boralex Power Income Fund, which has
10 power stations with a total installed capacity of 190 MW in Québec and the
United States. These sites are managed by Boralex.
More information is available at www.boralex.com or www.sedar.com.
For further information:
For further information: Ms. Sophie Paquet, Communications Advisor,
Boralex Inc., (514) 985-1353, email@example.com