Boralex, Gaz Metro, Valener get $166.1 million financing for wind farms

By Lisa Kerner

Charlotte, N.C., Oct. 29 - Boralex Inc., Gaz Metro LP and Valener Inc. completed non-recourse financing totaling $166.1 million for phase II of the $200 million Seigneurie de Beaupré Wind Farms.

The financing includes a short-term bridge financing and a letter-of-credit facility totaling $23.7 million. Additional funding is in the form of a $142.4 million construction loan.

The group of lenders consists of Sun Life Financial, KfW IPEX-Bank and Industrial Alliance Insurance and Financial Services Inc.

Boralex is a Kingsey Falls, Quebec, power generating company. Gaz Metro is a Montreal-based natural gas distribution company. Valener is a Quebec natural gas distributor and owns about 29% of Gaz Metro.

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