Boralex Inc. announced the closing of refinancing for its revolving corporate credit facility in a total amount of C$360 million, comprising a C$300 million revolving credit facility and a C$60 million letter of credit facility guaranteed by Export Development Canada. This refinancing was arranged by National Bank of Canada in the capacity of lead arranger. In addition to National Bank of Canada, the banking syndicate includes the following Canadian banks: Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Montreal, Caisse Centrale Desjardins and Royal Bank of Canada, as well as Comerica Bank, a U.S. bank.

“We are proud of this evidence of support from the financial community for Boralex and its outlook for the future. This refinancing will significantly improve our financial flexibility and will allow capital to be allocated to new projects, enabling us to pursue growth objectives,” said Boralex President and Chief Executive Officer Patrick Lemaire.

This refinancing replaces the C$175 million revolving credit facility which was maturing in June 2018. It is secured primarily by certain of Boralex’s assets, including its hydroelectric power stations located in Québec. With an initial term of four years (April 2020), renewable annually, the refinancing will allow the Corporation to further its development.

Boralex develops, builds and operates renewable energy power facilities in Canada, France and the United States. A leader in the Canadian market and France’s largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types — wind, hydroelectric, thermal and solar.