Boralex extended the maturity of its C$460 million ($357 million) revolving credit facility to April 27, 2022. National Bank of Canada acted as lead arranger and administrative agent on the amendment.
The amendment added an accordion clause, which, in the future, could provide access to an additional C$100 million ($77.662 million) under the same terms and conditions.
Patrick Lemaire, Boralex’s president and CEO, commented, “The extension of our credit agreement and enhancement of our financial flexibility is great timing as Boralex continues on its growth path to achieve the target of 2,000 MW by the end of 2020.”
The banking syndicate included TD Bank, The Canadian Imperial Bank of Commerce, Caisse Centrale Desjardins, Bank of Montreal, Royal Bank of Canada and Comerica Bank.
Boralex develops, builds and operates renewable energy power facilities in Canada, France, the UK and the U.S.