Boralex Inc., Gaz Métro LP and Valener Inc. announced Oct. 29 the completion of a non-recourse financing for Phase II of the Seigneurie de Beaupré Wind Farms project in Canada.
This phase of the project has an installed capacity of 68 MW with commissioning scheduled for late 2014.
“The financing for Phase II is a major milestone in the development of the Seigneurie de Beaupré Wind Farms which, on completion, will be among the largest wind power projects in Canada,” said Boralex President and CEO Patrick Lemaire and Gaz Métro President and CEO Sophie Brochu in a joint statement.
With this financing and given the investments and the commitments undertaken by the partners Boralex, Gaz Métro and Valener, Phase II of the Seigneurie de Beaupré Wind Farms is now fully funded.
The group of lenders consists of Sun Life Financial, KfW IPEX-Bank and Industrial Alliance Insurance and Financial Services Inc.
Construction of Phase II, made up of 28 Enercon turbines, is already underway, involving over 200 workers with a view to building all of the access roads, the wind turbine foundations and most of the power collector systems in 2013. In 2014, work will continue to complete the collector systems, erect the towers, assemble the turbines and install the substation equipment for a commissioning scheduled in December 2014.
The Seigneurie de Beaupré Wind Farms, with a total contracted capacity of 365 MW, are at this point the largest wind power project in development in Canada. The first phase of 272 MW (Farms 2 and 3), which is expected to start up in late 2013, and the second phase of 68 MW (Farm 4), which is expected to start operating in late 2014, represents the projects of the Boralex and Gaz Métro/Valener consortium. In addition, the 25 MW Côte-de-Beaupré wind farm built in partnership by Boralex and the Côte-de-Beaupré RCM is expected to start up in 2015.
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, it operates an asset base with an installed capacity of almost 500 MW in Canada, the northeastern U.S. and France. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add approximately 550 MW of power that will be put in service between 2013 and 2015.