Boralex closes C$33.4M financing for the Port Ryerse wind farm
February 21, 2017
33.40 Million CAD
On February 22, 2017, Boralex Inc. closed a C$33.4 million financing for the Port Ryerse wind farm in Ontario, Canada. The 10 MW project was commissioned in December 2016. It is located on privately owned lands east of the hamlet of Port Ryerse in Norfolk County, and consists of four Siemens SWT 3.0 113 wind turbines. The project is also covered by a 20-year power purchase agreement with Ontario’s Independent Electricity System Operator (IESO).
Long-term financing of the Port Ryerse wind farm is provided by the DZ Bank AG Deutsche Zentral-Genossenschaftsbank, New York Branch. Financing consists of a C$2.0 million letter of credit facility and a long-term tranche of C$31.4 million. The latter will be amortized over a period of 18 years beginning in December 2016.
McCarthy Tétrault LLP advised DZ Bank AG Deutsche Zentral-Genossenschaftsbank, New York Branch with a team led by Richard O’Doherty that included Marjolaine Hémond-Hotte, Heloise Apesteguy-Reux, Andrejs Mistiouk, Candace Pallone, Selina Lee-Andersen, and Jacob Stone.