Boralex, the leading power-producing firm focused on the development of the renewable energy sector, has made an official announcement regarding its biggest refinance agreement worth a whopping sum of USD 1.7 billion in France. As a part of the agreement, the firm will refinance all of its wind farm operations in the French region. The entire project will be segregated into three credit agreements, which will mature in 2034, 2036, and 2040 respectively, making it the biggest refinancing project for the firm in its history.
In accordance with the terms of the agreement, the transaction will offer the aid of financial resources of over USD 178 million, collected by bringing together holdings and assets that were initially financed via 30 different credit agreements. By utilizing this amount, the firm will plunge down the current credit facility in a big way, paving the way for the employment of funds in the development of projects undertaken by the firm in the near future.
Apart from the amount infused into the corporate credit facility of the company, the refinancing will also be channelized towards the development of short-term projects through a substantial amount of USD 200 million. Also, after the completion of the documents, an additional pool of USD 180 million will be clustered in early 2020, aimed towards the construction of forthcoming projects. Once these projects are built successfully, they will be included in the portfolio of projects reaping benefits from the refinancing arrangement.
The renowned vice president and chief financial officer of Boralex, Bruno Guilmette, stated that the refinancing arrangement will help in channelizing efficient financial resources in the best possible way and will also lead to a reduction in the implementation costs of the firm’s strategic plan.
“This refinancing operation increases our financial flexibility and creates an even stronger bond with our European financial partners, who have all expressed great confidence in our leadership and business model, for which I thank them,” said the spearhead.
Nicolas Wolff, the vice president, and general manager of Boralex Europe, quoted that “The success of this refinancing arrangement, the largest in the renewable energy and wind sectors in France, is an expression of confidence in the future of Boralex and more broadly in the renewable energy sector.”