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Quebec-based renewable energy developer Boralex Inc. says its subsidiary, Boralex Europe SA, has closed on long-term financing for a 26 MW portion of the La Vallee wind project, a 32 MW wind farm planned for a site in France.

The financing is being underwritten by a French banking consortium comprising OSEO, Credit Cooperatif and Credit Mutuel ARKEA. The final amount of the financing is 33 million euros ($43 million), or about 77% of the total investment. Financing for the remaining 6 MW will be completed within a few weeks, when certain standard closing conditions are satisfied, Boralex notes.

The borrowed amount will be amortized over a 15-year period at a rate of approximately 4.5% for the full duration of the loan.

The electricity generated by the La Vallee wind project will be sold to Electricite de France under a 15-year contract. Construction on the wind farm began in December 2012, and commissioning is scheduled for late this year.


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