Boralex closes financing for La Vallee wind project
MONTREAL, Jan. 24, 2013 /PRNewswire/ – Boralex Inc. (“ Boralex ” or the
“ Corporation ”) announced that its subsidiary Boralex Europe S.A. has
closed a long-term financing for the 26 MW portion of the La Vallée
The financing is being underwritten by a French banking consortium
composed of OSEO, Crédit Coopératif and Crédit Mutuel ARKEA. The final
amount is EUR33 million ($43M), or about 77% of the total investment.
Financing for remaining 6 MW will be completed within a few weeks when
certain standard closing conditions are satisfied.
The borrowed amount will be amortized over a 15-year period at a rate of
approximately 4.5% for the full duration of the loan.
The La Vallée wind site has an installed capacity of 32 MW and the
electricity generated will be sold to Électricité de France under a
long-term, 15-year contract. Construction has been underway since
December 2012 and commisionning is scheduled for late 2013.
Boralex is a power producer whose core business is dedicated to the
development and the operation of renewable energy power stations.
Currently, the Corporation operates an asset base with an installed
capacity of almost 500 MW in Canada, the Northeastern United States 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. With more than 200 employees, Boralex is known for its
diversified expertise and in-depth experience in four power generation
types — wind, hydroelectric, thermal and solar. Boralex’s shares and
convertible debentures are listed on the Toronto Stock Exchange under
the ticker symbols BLX and BLX.DB, respectively. More information is
available at www.boralex.com or www.sedar.com.
Certain statements contained in this press release, including those
regarding future results and performance, are forward-looking
statements based on current expectations. The accuracy of such
statements is subject to a number of risks, uncertainties and
assumptions that may cause actual results to differ materially from
those projected, including, but not limited to, the general impact of
economic conditions, raw material price increases and availability,
currency fluctuations, volatility in electricity selling prices, the
company’s financing capacity, negative changes in general market
conditions and regulations affecting the industry, as well as other
factors listed in the Company’s filings with different securities
There can be no assurance as to the materialization of the results,
performance or achievements as expressed or implied by forward-looking
statements. The reader is cautioned not to place undue reliance on such
forward-looking statements. Unless required to do so under applicable
securities legislation, Boralex management does not assume any
obligation to update or revise forward-looking statements to reflect
new information, future events or other changes.
The summarized financial statements included in this press release also
contain certain non-GAAP financial measures. To assess the performance
of its assets and reporting segments, the Corporation uses EBITDA,
EBITDA margin, cash flows from operations, adjusted EBITDA, adjusted
net loss, and cash flows from operations per share as performance
measures, as defined in the accompanying financial statements. These
non-GAAP measures have no standardized meaning under IFRS. As a result,
these measures may not be comparable to similarly named measures used
by other companies.
SOURCE BORALEX INC.