Boralex Inc. has closed a $33.4 million financing for the 10 MW Port Ryerse wind farm in Ontario. The New York branch of DZ Bank AG Deutsche Zentral-Genossenschaftsbank provided the financing.
The financing consists of a $2.0 million letter of credit facility and a long-term tranche of $31.4 million. The latter will be amortized over a period of 18 years beginning December 9, 2016, the date of the project's commercial operation.
On February 7, Boralex acquired all of the units of UDI Renewables Corp., representing 25 % of Port Ryerse Wind Farm LP, making Boralex the sole project holder. Port Ryerse is located on privately owned lands in Norfolk County in the province.
The project has a 20-year power purchase agreement with Ontario’s Independent Electricity System Operator (IESO).