Boralex Completes $805 Million Refinancing for its Niagara Region Wind Farm (230 MW) in Ontario, Canada

MONTRA?AL, Aug. 7, 2020 /CNW Telbec/ -A Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) is pleased to announce that it has completed the approximately $805A million refinancing over 16 years for its 230A MW Niagara Region Wind Farm (NRWF) in the Niagara Peninsula, Ontario, Canada. NRWF was commissioned on NovemberA 2, 2016 and is held in partnership with the Six Nations of the Grand River Indigenous community. Boralex operates the site and has a 50% stake in the farm."This is our third major refinancing in less than a year, which shows the confidence our financial partners have in Boralex and the execution of our strategic plan," said Patrick Lemaire, President and Chief Executive Officer of Boralex.A "These refinancings, totalling $2.7A billion, were arranged at very good conditions and have greatly improved Boralex's financial flexibility, reducing its corporate credit facility by over $260A million and generating total annual recurring savings of $22A million. The NRWF refinancing will also improve the overall performance of this asset, benefiting both Boralex and our partner the Six Nations of the Grand River."Taking advantage of the very good market conditions, Boralex successfully reduced the borrowing rate for NRWF and also freed up approximately $65 million to $70A million, which will be used to reduce Boralex's corporate credit facility. The combined impact of the lower borrowing rate and related expenses, plus the lower interest expense on the corporate credit facility will result in annual recurring savings of more than $5A million in interest expense.
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