Boralex and Gaz Métro/Valener closed a C$617.5 million ($484.4 million) refinancing to support the Seigneurie de Beaupré Wind Farms 2 and 3. The two winds farms are located northeast of Québec City on the private property of Séminaire de Québec.

The group of lenders consists of Bank of Tokyo-Mitsubishi (UFJ), KfW IPEX-Bank, Sumitomo Mitsui Banking Mizuho, AKA Bank, DZ Bank, Laurentian Bank of Canada, Commonwealth Bank of Australia and Crédit Industriel et Commercial.

The total refinancing consists of:

  • C$383.4 million ($299 million) uncovered tranche of the term loan expiring in December 2032, representing a C$132.3 million ($103.05 million) increase over the initial tranche and a one year extension of the maturity date
  • C$192.7 million ($150.09 million) covered tranche of the term loan expiring in December 2029, representing a C$44.5 million ($34.66 million) decrease and a two-year reduction of the maturity date of this tranche
  • C$41.4 million ($32.25 million) letter of credit facility

Gaz Métro and Valener indirectly hold interests in Wind Farms 2 and 3 through Beaupré Éole General Partnership.

A special distribution to the partners of Wind Farms 2 and 3 of C$$80 million ($62.4 million) has been declared and is expected to be paid shortly after the closing of the refinancing.

“We are pleased we were able to conclude the refinancing on such favorable terms. This reflects the vote of confidence the financial community has in our wind farms,” said Boralex Vice President and CEO Jean François Thibodeau and Gaz Métro Executive Vice President, Corporate Affairs and CFO Pierre Despars.