Date Closed

November 8, 2011

Lead Office

Montréal

Value

725.00 Million CAD

On November 8, 2011, Boralex Inc., Gaz Métro Limited Partnership and Valener Inc. completed a C$725 million non-recourse project financing for their 272 MW Seigneurie de Beaupré Wind Farms, located 60-km north-east of Québec City on the private lands owned by the Séminaire de Québec.
 
The wind farms, which will comprise 126 Enercon wind turbines, are scheduled to be commissioned by December 2013 and have 20-year power purchase agreements with Hydro-Québec.

The financing totals C$725 million, consisting of:
     • a two-year construction loan of C$590 million, that will convert into an 18-year amortizing loan after the start of commercial operations scheduled for December 2013, and
     • short-term facilities, including a bridge loan and a letter of credit facility, totalling C$135 million, to finance certain costs reimbursable by Hydro-Québec to be incurred during construction and to provide various letters of credit.

A portion of C$260 million of the financing is covered by a guarantee offered to the lenders by the Federal Republic of Germany through its Export Credit Agency Euler-Hermes.

The lending club is comprised of KfW IPEX-Bank, Bank of Tokyo-Mitsubishi, Deutsche Bank, Sumitomo Mitsui Banking Corporation, Landesbank Baden-Württemberg, Mizuho Corporate Bank, Siemens Financial Services and Caisse de dépôt et placement du Québec.

Boralex, headquartered in Kingsey Falls, Québec, is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations.

Gaz Métro, headquartered in Montréal, Québec, is Québec's leading natural gas distributor.

Valener, headquartered in Montréal, Québec, through its 29% interest in Gaz Métro, distributes natural gas to industrial and residential markets in Canada.

McCarthy Tétrault LLP represented Boralex, Gaz Métro and Valener, with a team led by Marc Dorion.