The new rules also allow Boralex to recover 100% of the funding under the federal ecoEnergy program, which represents an additional $10 per MWh instead of $5 (or 50% of the eligible amount), as set out in the original program. This change will impact the total annual revenues of approximately $1.7 million. The wind power facilities are scheduled to start up in the next few weeks.
Furthermore, under Advanced RESOP rules, the Corporation will be able to qualify five other projects with an installed capacity of an additional 50 MW, under the same conditions, subject to start-up before December 31, 2010.
"These 20-year contracts awarded by Ontario Power Authority give Boralex excellent future prospects in Ontario," says Patrick Lemaire, President and Chief Executive Officer of Boralex Inc.
Boralex Inc. announces that it has arranged financing with BNP Paribas for its new wind farm in France This acquisition, subject to closing conditions, was announced earlier on July 16, 2009.
The total investment amounts to C$25.1 million ((euro)15.9 million). Under the master credit agreement concluded in June 2007, about C$20.3 million (euro 12.8 million) is immediately available to finance the project. The financing obtained represents more than 80% of the total investment and provides Boralex with access to funds for a 15-year period, at an average interest rate of about 5%.
This 9.2 MW wind farm located in the department of the Somme nearby sites already operated by Boralex will have four Enercon E82 wind turbines, each with a capacity of 2.3 MW. Start-up is scheduled for the second quarter of 2010. All of the power produced will be sold to Electricite de France under 15-year contracts.
"This acquisition and the arrangement of financing clearly demonstrates our ability to take advantage of current market opportunities and obtain the funds required to develop interesting projects," said Patrick Lemaire, President and Chief Executive Officer of Boralex Inc.
Boralex is a major private electricity producer whose core business is the development and operation of power stations that generate renewable energy.
Employing over 300 people, the Corporation owns and operates 22 power stations with a total installed capacity of 365 MW in Canada, in the Northeastern United States and in France. In addition, the Corporation has more than 300 MW of power projects under development. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments – wind, hydroelectric and thermal. Boralex shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.
Boralex also holds a 23% interest in Boralex Power Income Fund, which has 10 power stations with a total installed capacity of 190 MW in Québec and the United States. These sites are managed by Boralex.