The Canadian renewable energy developer Boralex and its partners from the Innu community have secured CAD608m (US$448m) in financing for the 200 MW Apuiat wind project, which will be located in Quebec’s North Shore, near the town of Port-Cartier.
The financing includes a CAD465m (US$343m) construction loan, to be converted to a term loan with a 25-year term after the wind farm begins operations. The long-term financing for the wind farm was provided by Desjardins Group. Other financial institutions included CaixaBank, DZ Bank AG and the Korea Development Bank. A short-term loan of CAD143m (US$105m) will also be provided. The wind park is scheduled for completion in the second half of 2024.
As of end-2022, wind represented about 10% of Canada’s installed capacity with 15.3 GW (100% onshore wind). It represented 6% of its power generation with 38 TWh (2022).
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